Boca Raton office building hits market without an asking price

Miami /
Apr.April 29, 2017 05:00 PM

A 206,946-square-foot office building in Boca Raton has been listed for sale without an asking price.

Institutional Property Advisors (IPA), a division of commercial real estate brokerage Marcus & Millichap, is the exclusive adviser for the sale of the office building, called 301 Yamato.

The building, which has a  92 percent occupancy rate, is located east of Interstate 95 and just west of U.S. Highway 1 in Boca Raton, within one mile of the city’s Tri-Rail station.

Built in 1987 and never previously offered for sale, 301 Yamato features a reflective glass design and a four-story, naturally lit atrium lobby with glass curtain walls and indoor and outdoor water features.

The four-story office building has an attached five-story parking garage connected to the building by an air-conditioned bridge.

Douglas K. Mandel, senior managing partner investments of IPA, said in a prepared statement that 301 Yamato is the “preeminent office building in the Boca Raton East submarket.” Its tenants represent such industries as law, insurance, banking, accounting, advertising, real estate and financial services.

Mandel also said office rents in Boca Raton are forecast to increase 15 percent over the next five years, and rents for buildings comparable to 301 Yamato are “rapidly moving into the $30s per square foot on a triple-net basis.”

Mandel and C. Todd Everett, director of the National Office and Industrial Properties Group of Marcus & Millichap, are representing the seller.

“There hasn’t been an impactful new supply of office deliveries to the area in several years, and there is no development pipeline activity in the near-term forecast,” Everett said in a statement.


Related Articles

arrow_forward_ios
From left: MHCommercial Real Estate Fund II's Jordan Paul, Dung Lam and Neil Merin along with the Yamato Office Center in Boca Raton and the Bridge Point Powerline Road in Pompano Beach (NAI Global, LoopNet, Getty Images)
Lease roundup: FirstService leases in Boca, PlantLab in Pompano Beach
Lease roundup: FirstService leases in Boca, PlantLab in Pompano Beach
Candice and Steven Stark with 1371 Royal Palm Way (Getty, Royal Palm Realty)
Luxury carpet mogul drops $17M for house on Royal Palm golf course in Boca Raton
Luxury carpet mogul drops $17M for house on Royal Palm golf course in Boca Raton
From left: Contrarian Capital's Jon Bauer and Pebb Enterprises' Ian Weiner with Meridian Office Center
Pebb JV buys Boca Raton office complex for $30M
Pebb JV buys Boca Raton office complex for $30M
(left to right) Nuveen's Mike Nuveen with 800 Waterford Way and Pebb Enterprises' Ian Weiner with 5355 Town Center Road (CoStar, Nuveen, TVS Design, Pebb)
Lease roundup: Nuveen nabs fintech tenant in Miami, Brookfield scores 20 leases at Boca’s Mizner Park
Lease roundup: Nuveen nabs fintech tenant in Miami, Brookfield scores 20 leases at Boca’s Mizner Park
Hollywood Locations' Christopher Ursitti and 1400 Northwest 31st Avenue (Hollywood Locations, Google Maps)
Movie studio complex may rise on former incinerator site in Fort Lauderdale
Movie studio complex may rise on former incinerator site in Fort Lauderdale
The 851 Building at 851 Northwest Broken Sound Parkway at the Park at Broken Sound in Boca Raton (Marcus & Millichap, LinkedIn)
NJ pediatrician pays $14M for Park at Broken Sound offices in Boca Raton
NJ pediatrician pays $14M for Park at Broken Sound offices in Boca Raton
Shaul Rikman, Roni Soffer, Mati Rikman, and Moshe Wechsler with 21077 Powerline Road (Isram Realty Group, Emerald Empire, Google Maps)
Emerald Empire pays $25M for shopping center near Boca Raton
Emerald Empire pays $25M for shopping center near Boca Raton
From left: Buyers Neil Merin, Dung Lam and Jordan Paul along with 1001 Yamato Road (top) and 999 Yamato Road (bottom) (NAI/Merin Hunter Codman, Moris Moreno)
Yamato Office Center in Boca Raton trades for $46M
Yamato Office Center in Boca Raton trades for $46M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...