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Boca Offices Sold at Discount
Prime US REIT has unloaded One Town Center in Boca Raton, Florida, for $82 million, a considerable loss. The company paid $99.5 million for the property in 2021.
Prime US REIT sold the 200,858-square-foot office building and 435-space parking garage at One Town Center Road to Gatsby Enterprises. Wells Fargo Bank provided the buyer with a $51 million mortgage.
One Town Center was 99.7% leased. As of December 2023, it was valued at $84.8 million with a cap rate of 7%, compared to $90.3 million with a 6.25% cap rate a year earlier.
The 10-story office was built on the 9.9-acre site in 1990. It includes a fitness center, an on-site café, EV charging stations and on-site auto detail. It’s near the Town Center at Boca Raton mall and many restaurants.
- ◦Sale/Acquisition
