Ram Unit Pays $42M for Boca Building, Land

BOCA RATON, FL-An affiliate of Palm Beach Gardens-based Ram Development Co. has acquired a prime Boca Raton development site and existing nine-year-old, class A office building for $42 million. WestCity Partners of Boca Raton and Boston-based Fidelity Real Group sold the assets.

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.