Prime US REIT has recently sold One Town Center, a 200,858-square-foot office building and parking garage in Boca Raton, Florida for $82 million. This sale resulted in a significant loss for the company as they had purchased the property for $99.5 million just one year prior.
The buyer of One Town Center was Gatsby Enterprises and financing was provided by Wells Fargo Bank with a mortgage of $51 million.
At the time of sale, One Town Center was almost fully leased at 99.7%. In December 2023, it had an appraised value of $84.8 million with a cap rate of 7%, compared to its previous value of $90.3 million with a cap rate of 6.25%.
Constructed on nearly ten acres in 1990, this ten-story office building features amenities such as a fitness center, on-site café and EV charging stations along with convenient access to nearby shopping at the popular Town Center at Boca Raton mall and various dining options.
This recent transaction highlights discounted sales within Boca’s commercial real estate market according to Connect CRE.
