GEM Realty Advisors pays $35M for Wells Fargo Plaza in Boca Raton

Boca Raton-based IP Capital Partners sold the complex less than four years after buying it

Jan.January 28, 2019 01:30 PM

Barry Alan Malkin co-founder of Gem Realty and Wells Fargo Plaza Boca Raton

A GEM Realty Advisors affiliate paid $34.6 million for the Wells Fargo Plaza in Boca Raton.

The Chicago-based company bought the 102,309-square-foot, two-building property for $338 per square foot, records show.

The seller was Boca Raton-based IP Capital Partners, which bought the site at 925 South Federal Highway in August 2015 for $23.1 million, records show.

The high price for the complex partly reflects strong demand for Class A office properties in Palm Beach County, where inventory is low.

Wells Fargo Plaza was built in two phases in 1990 and 2000 on a 4.2-acre parcel. The complex has a seven-story, 88,509-square-foot office building, an adjacent two-story,13,800-square-foot office and retail bank building, and a six-level parking garage with 598 spaces. It was designed by famed architect Philip Johnson.

Cushman & Wakefield represented the seller. The complex is 98.8 percent leased, according to the listing. Tenants include, Kanner & Pintaluga, P.A., which occupies 60,000 square feet for its national headquarters; Wells Fargo; and Grossman & Roth, P.A.

GEM Realty is an active real estate investor in Chicago. The company bought the 70 West Madison Street tower in the Loop in August, through a partnership. Gem also owns the majority stake in the 20-story Orrington Plaza in Evanston, paying $91 million last year.

Related Articles

From left: Howard Sands, Scott Tracy, and Kenton Wright

Walgreen sells store near Boca Raton for $9M

Shane Neman, and Mauricio Bello Richard Waserstein, with 525 Northwest 77th Street Marriott in Boca

Blackstone sells Marriott hotel in Boca Raton

Malcolm Butters, 950 Peninsula Corporate Circle in Boca Raton

Butters buys Boca Raton office building

A rending of the the project

REI to open first South Florida store in Boca Raton

Royal Palm Residences and Ignacio Diaz

Group P6 launches sales of new luxury condo project in Boca Raton

University Park and Square Mile Capital CEO Craig Solomon (Credit: Zillow)

Boca Raton student housing scores $71M refi

Rooms to Go CEO Jeffrey Seaman and 9465 Glades Road (Credit: Google Maps)

Rooms To Go CEO bags furniture store in Boca Raton

484 South Maya Palm Drive (Credit: Royal Palm)

Transportation exec buys Boca home for $12M