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Office building sold to public REIT for $36M

December 16, 2015

Dec 14, 2015, 4:50pm EST

The Bank of America Tower in downtown Boca Raton sold for $35.75 million

HFF’s Hermen Rodriguez, Ike Ojala and Jorge Portela represented seller Clarion Partners, through affiliate 150 East Palmetto LLC, in the deal. The buyer was Dividend Capital Diversified Property Fund, a public REIT.

The property totals 109,553 square feet of leasable space and 330 parking spaces at 150 E. Palmetto Park Road. The price equates to $326 per square foot.

It was built on the 1.65-acre site in 1969. The property last traded for $34.2 million in 2005, so it didn’t gain much value in the past decade.

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Gregory De Jong, CFP, Co-Founder of Paragon Advisors, LLC.
July 7, 2015

Blue Vault is just what advisors need to size up the different offerings in the nontraded REIT market. Just as importantly, it’s what the industry needs to encourage best practices among REITs.