Merrill Lynch anchors the 100%-leased, 66,966-sf, class A building at 120 E. Palmetto Park Rd. at the southeast corner of Federal Highway and Palmetto Park Road in east Boca Raton. Ram bought the property free and clear of existing debt.

"This acquisition is a key part of our value-add investment strategy throughout Florida and the Southeast," says Ram president Casey Cummings. He says the 3.78-acre site is approved for 276 homes and apartments, 17,160 sf of ground-floor retail and an 821-space parking garage. The site could also accommodate office development, Cummings says.

The Miami office of Holliday Fenoglio Fowler LP negotiated for the seller. Managing director Manny de Zarraga, director Ike Ojala and associate director Kim Flores structured the transaction. Zarraga calls the development potential of Palmetto Park "an opportunity to create one of the most significant mixed-use developments in Palm Beach County." He adds the property's location near Mizner Park and Royal Palm Plaza, coupled with the development approvals in place, "make the property exceptionally unique and valuable."

Fidelity Real Estate Group is a division of Pyramis Global Advisors, a Fidelity Investments company. Ram and its predecessor entities have been developing real estate in South Florida since 1978. WestCity Partners, headed by Kenneth Simigran and Stephen Douglas, has an investment and development portfolio valued at more than $500,000.