BOCA RATON, Fla., April 27, 2017 – Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, is pleased to announce the firm has been appointed as exclusive advisor for the sale of 301 Yamato, a 206,946-square-foot, four-story office building with an attached, five-story parking garage in Boca Raton, Florida. The price is to be determined by the market.
“The preeminent office building in the Boca Raton East submarket, 301 Yamato is being offered for the first time in 30 years and is currently approximately 92 percent leased to a quality mix of national, multi-national, regional and local tenants that provide secure, long-term cash flow,” says Douglas K. Mandel, IPA senior managing director investments.
“Market rental rates in Boca Raton are forecast to grow more than 15 percent over the next five years and rents for assets of this quality are rapidly moving into the $30s per square foot on a triple-net basis.”
Mandel and C. Todd Everett, SIOR, director of Marcus & Millichap’s National Office and Industrial Properties Group, are representing the seller.
“There hasn't been an impactful new supply of office deliveries to the area in several years and there is no development pipeline activity in the near-term forecast,” notes Everett. “This will further constrain supply while demand will remain steady and rising due to strong economic and population growth that will place upward pressure on rental rates.”
The building is located just east of Interstate 95 and just west of U.S. Highway 1 in Boca Raton. The Boca Raton Tri-Rail station, retail boutiques, service retail, hotels, restaurants, fitness centers, banks, healthcare services, and a critical mass of housing are located within a one-mile radius.
Built in 1987, 301 Yamato features a reflective glass design and a four-story, naturally lit atrium lobby with glass curtain walls, indoor and outdoor water features and abundant covered parking in a parking garage that is connected to the building via an air-conditioned bridge. The building’s tenants represent many industries, including law, insurance, banking, accounting, advertising, real estate and financial services.