The 301 Yamato office building in Boca Raton sold for $38.94 million, a 41 percent increase from its last trade two years ago.

The 206,946-square-foot office building was sold by 301 Yamato I LLC, managed by Morris “Skip” Stoltz II in Boca Raton, to West Palm Beach-based commercial real estate firm Morning Calm Management. The price equated to $188 per square foot.

The seller was represented by Marcus & Millichap’s Douglas K. Mandel and C. Todd Everett, plus Jason Carros of Stoltz Realty Co. The buyer secured a $29.5 million mortgage with help from Marcus & Millichap’s Eric Fixler.

“The asset’s historically stable tenancy and premier location between downtown Boca Raton and Delray Beach, combined with its attractive, iconic architectural features including a reflective glass façade and soaring atrium lobby, drew a great deal of attention from investors and the bidding process was very competitive,” Mandel said.

In 2015, the property traded for $27.57 million, although that deal was connected to the refinancing of the property through an internal transfer. The four-story office building was developed on the 6.8-acre site in 1987. It has an atrium lobby with glass curtain walls, both indoor and outdoor water elements and a five-story parking garage connected to the office build via a pedestrian bridge.

Morning Calm Management said 301 Yamato was 92 percent leased with tenants such as Client First Settlement Funding and Seeman Holtz.

“301 Yamato is located in an area poised for the next wave of growth, as market rates in Boca Raton are expected to grow more than 15 percent over the next five years,” said Mukang Cho, CEO and principal at Morning Calm. “We look forward to managing a property of this caliber and working to increase its value for our partners and for its current and future tenants.”

Source: Bizjournal