Boca Trophy Asset Finds Buyer
A trophy office building traded hands recently in the Boca Raton submarket of Palm Beach County.
Palmetto Park City Center
In a $25.75 million deal, Ram Realty has sold Palmetto Park City Center, a boutique Class A office building in Palm Beach County. CBRE represented Ram Realty in the disposition of the 66,618-square-foot property located at 120 E. Palmetto Park Road in Boca Raton.
Completed in 1996, Palmetto Park City Center is located near such popular destinations as Mizner Park, the Boca Raton Resort & Club, and the Royal Palm Yacht & Country Club.
A private offshore investor paid $387 per rentable square foot for the property, which was fully leased at closing. Palmetto Park City Center’s tenant roster consists mainly of law firms and financial services companies, such as Merrill Lynch and Fifth Third Bank.
CBRE’s Scott O’Donnell, Jeffrey Kelly and Dominic Montazemi, along with Charles Foschini of CBRE Debt & Structured Finance, collaborated in representing Ram Realty. Juan Arcila with Exan Capital spoke for the unidentified buyer.
Photo credit: CBRE
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