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

Miami /
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

arrow_forward_ios
Tricera Capita's Ben Mandell with rendering of The Press project (Tricera Capital)
Lease roundup: Tricera scores tenants in West Palm, Boca
Lease roundup: Tricera scores tenants in West Palm, Boca
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
arrow_forward_ios

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

Loading...