{"id":1004294984,"date":"2019-01-30T09:10:13","date_gmt":"2019-01-30T17:10:13","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004294984"},"modified":"2019-01-30T09:10:13","modified_gmt":"2019-01-30T17:10:13","slug":"gem-realty-capital-acquires-fl-office-asset-for-35m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/gem-realty-capital-acquires-fl-office-asset-for-35m\/","title":{"rendered":"Gem Realty Capital Acquires FL Office Asset for $35M"},"content":{"rendered":"<div id=\"attachment_1004294987\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/01\/2273-e1548798924570.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004294987\" data-attachment-id=\"1004294987\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/gem-realty-capital-acquires-fl-office-asset-for-35m\/attachment\/2273\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/01\/2273-e1548798924570.jpg\" data-orig-size=\"640,480\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"2273\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Wells Fargo Plaza&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/01\/2273-e1548798924570.jpg?w=640\" class=\"wp-image-1004294987 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/01\/2273-e1548798924570.jpg\" alt=\"\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/01\/2273-e1548798924570.jpg 640w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/01\/2273-e1548798924570.jpg?resize=300,225 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004294987\" class=\"wp-caption-text\">Wells Fargo Plaza<\/p><\/div>\n<p>In a $34.6 million deal, Gem Realty Capital has acquired a seven-story office building in downtown Boca Raton, Fla., from IP Capital Partners. A Cushman &amp; Wakefield team of Mike Davis, Dominic Montazemi, Scott O\u2019Donnell, Rick Brugge and Michael Lerner represented IP Capital Partners in the transaction.<\/p>\n<p>Situated on 2.3 acres at 925 and 975 S. Federal Highway, Wells Fargo Plaza was built in 1999 and encompasses a seven-story office building and a two-story building with a Wells Fargo retail branch on the ground floor, for a combined 102,431 square feet.<\/p>\n<p><em>\u201cDowntown Boca Raton has undergone a major revitalization in recent years that has made it a model for \u2018new urbanism,\u2019 integrating office, retail, residential and entertainment with a pedestrian-friendly design,\u201d<\/em> said Davis, in prepared remarks. <em>\u201cWells Fargo Plaza has an ideal position in the heart downtown\u2019s evolving landscape, making it an excellent office location for banks, financial services firms and businesses from a wide variety of industries.\u201d<\/em><\/p>\n<p>Wells Fargo has been a tenant at the property since it was built and recently renewed its lease through 2025. Other tenants at the building include Kanner &amp; Pintaluga, P.A. and marketing agency MoreVisibility.<\/p>\n<p>Last summer, Marc Bell Real Estate <a href=\"https:\/\/www.commercialsearch.com\/news\/cbre-completes-boca-raton-office-refi\/\">landed a seven-year term refi loan<\/a> for its 50,809-square-foot boutique office building in Boca Raton.<\/p>\n<p><em>Image courtesy of Yardi Matrix<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>IP Capital Partners was the seller of Wells Fargo Plaza, a two-building property offering 102,431 square feet in downtown Boca Raton.<\/p>\n","protected":false},"author":745,"featured_media":1004294987,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21783,1492,21742,21747],"tags":[32799,37185,43898],"class_list":["post-1004294984","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-investment","category-miami","category-latest","category-office","tag-cushman-wakefield","tag-gem-realty-capital","tag-ip-capital-partners"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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