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1675 North Military Trail B...

Wells Fargo Expands Lease At 1675 North Military Trail In Boca Raton
LEASEDOffice

Wells Fargo Expands Lease At 1675 North Military Trail In Boca Raton

1675 North Military Trail Boca Raton, Florida 33486, USA

Building Size

19,000 SF

Asset Type

Office

Closing

Aug 18, 2023

AI

Wells Fargo has expanded its lease by 19,000 square feet at 1675 North Military Trail in Boca Raton, Florida. This expansion allows for an additional 60 employees, bringing the total number to 140. The property, known as 1675 Midtown, is an office space with a total area of 19,000 square feet. It is located on North Military Trail in the market of Boca Raton.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: Not specified
  • Address: 1675 North Military Trail
  • Market: Boca Raton
  • Total Square Footage: 19,000

The lease expansion was managed by CBRE and Tricera Capital's representatives. Wells Fargo is the tenant, and Tricera Capital is the landlord of the property. The tenant's representatives in this deal were John Criddle, Joe Freitas, and Chris Smith from CBRE. On the other hand, Jon Blunk, Cristina Glaria, Connie Thomas, and Laurel Oswald of Tower Commercial Real Estate (TCRE) represented the landlord, Tricera Capital. This collaboration between Wells Fargo and Tricera Capital allowed for the expansion of the lease and the subsequent increase in the number of employees.

Note: The leasing process of 1675 Midtown was successfully conducted by CBRE and Tricera Capital's representatives.

Players

John Criddle

CBRE

Broker

9 deals

Broker
Tricera Capital
Tricera CapitalLandlord
Wells Fargo
Wells FargoTenant

Central Point Office Market Snapshot

Boundary boundary · Office · Lease transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93