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

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

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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.