Bank of America Trades to ING Clarion for $34M

It is located on nearly 1.7 acres in the mixed-use Palmetto Park development that also contains two premier office buildings, a five-star restaurant, luxury condominiums and development sites for future residential. It is within walking distance of Mizner Park, Boca Raton Museum of Art and Boca Raton Resort & Club. Among the tenants are Timken Corp., Merck Pharmaceuticals and Charles Schwab & Co. in addition to Bank of America.

Manny de Zarraga, head of Holliday Fenoglio Fowler's Southeast investment banking team and executive managing director of the Miami office; Danny Finkle, director; Kimberly Flores, associate director of that office, and a team that also included Dan Carlo, Herman Rodriguez and Ignacio Portuondo represented WestCity along with Fidelity officers Jeff Tapley and Steve Neighbors. In-house representatives Brian Watkins and Stephen Spey spoke for ING Clarion, which purchased the fee simple interest in the property free and clear of existing debt. In early June, a private equity partnership sponsored by ING Clarion agreed to buy locally based Gables Residential Trust for approximately $2.8 billion.

"The [BofA] property's exceptional location and near-full occupancy with high-quality, high-credit tenants ensured that we would have a strong investor response," Flores says. In the past year, the Boca Raton office vacancy rate has dropped from 17.5% to 13.2%, according to data from the Palm Beach County office of Cushman & Wakefield.