Mandel and Everett Sell Iconic Boca Raton Office Building for $38.9 Million
July 20, 2017
IPA Capital Markets arranged $29.5 million in acquisition financing.
BOCA RATON, Fla., July 20, 2017 – Institutional Property Advisors (IPA), a division of Marcus & Millichap, announces the sale of 301 Yamato, a 206,946-square-foot, four-story office building in Boca Raton, Florida. The sales price is $38,937,000.
“The asset’s historically stable tenancy and premier location between downtown Boca Raton and Delray Beach, combined with its attractive, iconic architectural features including a reflective glass façade and soaring atrium lobby, drew a great deal of attention from investors and the bidding process was very competitive,” says Douglas K. Mandel, senior managing director.
“Boca Raton continues to be a highly sought after submarket for the private client investor due to its prestige and strong underlying fundamentals,” adds C. Todd Everett, SIOR, director of Marcus & Millichap’s National Office and Industrial Properties Group.
Mandel and Everett, in conjunction with Jason Carros, vice president with Stoltz Realty Co., represented the seller, a limited liability company. Mandel and Everett procured the buyer, a limited liability company.
Eric Fixler, senior director of Marcus & Millichap’s IPA Capital Markets division, secured $29.5 million in debt on behalf of the buyer.
Completed in 1987, 301 Yamato features, a four-story, naturally lit atrium lobby with glass curtain walls, indoor and outdoor water elements and an air-conditioned bridge that connects to the five-story parking garage.
The transaction is one of many recent office sales by Mandel in Boca Raton, which include the sales of Sabre Center I, The Atrium at Broken Sound and URS Corporate Center.