MIAMI—Wells Fargo Plaza, a 102,309-square-foot, class A two-building office complex in Boca Raton, FL, has traded hands. The sale price: $23 million.

Cushman & Wakefield executive director Mike Davis, senior director Michael Lerner, and senior director Rick Brugge represented New York-based Real Estate Capital Partners in the deal. Boca Raton-based IP Capital Partners acquired the asset.

“This boutique office property is situated at one of the premier intersections in Downtown Boca Raton with superior amenities and immediate access to high-end residential and decision-makers,” Davis tells GlobeSt.com. The building is 89.2% occupied to notable tenants including Kanner & Pintaluga, P.A., Wells Fargo, and Grossman & Roth, P.A.

Wells Fargo Plaza was built in two phases in 1990 and 2000 on a 4.2-acre parcel at 925 and 975 South Federal Highway in Boca Raton. The complex includes a seven-story, 88,509-square-foot office building, a neighboring two-story,13,800-square-foot office/retail bank building, and a six-level parking garage housing 598 spaces.

Downtown Boca Raton has witnessed a strong revitalization in recent years that has made it a model of new urbanism by effectively integrating office, retail, residential, and entertainment components through a pedestrian-friendly design and quality architecture. Situated at the corner of South Federal Highway and Camino Real, Wells Fargo Plaza provides an ideal location for major banks, financial services firms, and businesses from a wide variety of industries.

Cushman & Wakefield's 2Q 2015 Palm Beach County Office Marketbeat report, produced by Florida research manager Chris Owen, indicates that this renewal has stoked the interest of both investors and users. “Investors continue to chase yield and below-replacement-cost pricing in the Palm Beach market,” wrote Owen. “The Palm Beach investment sales pipeline is strengthening, and we expect to see a significant pickup in transactions throughout the remainder of 2015.”