Boca Raton's Prime Office Space Sold for $82 Million by Prime US REIT

Prime US REIT has sold One Town Center, a prominent office property in Boca Raton, Florida, for $82 million. This transaction marks a significant loss for the company, which purchased the building for $99.5 million in 2021.

Transaction Details

The office building, spanning 200,858 square feet with an adjacent 435-space parking garage, was acquired by Gatsby Enterprises. The purchase was facilitated by a $51 million mortgage from Wells Fargo Bank.

Valuation and Occupancy

One Town Center boasted a high occupancy rate, with 99.7% of its space leased. As of December 2023, the property was valued at $84.8 million with a capitalization rate of 7%. This was a decrease from its valuation of $90.3 million the previous year, which had a lower cap rate of 6.25%.

Property Features and Location

Constructed in 1990, the 10-story building sits on a 9.9-acre site. It offers a range of amenities, including a fitness center, an on-site café, electric vehicle charging stations, and auto detailing services. The location is convenient, being close to the Town Center at Boca Raton mall and numerous dining options.