Institutional Property Advisors Facilitates Broward County Office, Mixed-Use Asset Sale

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Institutional Property Advisors (IPA), a division of Marcus & Millichap dedicated to serving the company’s institutional clients, announced the sale of Millennium Plaza at Hallandale, a nine-story, 139,245-rentable-square-foot multi-tenant office and mixed-use building in Hallandale Beach.

The property sold for $40 million.

Douglas Mandel, IPA executive managing director investments in Fort Lauderdale, and Aik Aliferis, IPA executive managing director investments based in Toronto, Canada, in association with Ryan Nee, Marcus & Millichap’s broker of record in Florida, executed the sale on behalf of the principals.

“The asset caters to a mix of professional, medical, and service-oriented tenants with flexible suite sizes ranging from approximately 1,200 square feet to 17,000 square feet, which is ideal for healthcare professional services and government users,” said Mandel. “Demand for assets like Millennium Plaza led to an at least 70 basis point decrease in office vacancy in Hallandale and other Broward County cities last year.”  

 

Aliferis stated: “Commercial real estate investors in Canada seeking American office sector assets find IPA to be an excellent conduit for capital.  In this case, a Canada-based investor partnering with an investor based in Chicago identified the Hallandale market as an up-and-coming submarket with dynamic growth potential and Millennium Plaza at Hallandale as an asset with long-term redevelopment potential. The transaction exemplifies how IPA’s longstanding culture of collaboration and market reach across international borders creates value for clients.”

Constructed in 1974 on over three acres, Millennium Plaza has direct frontage on Hallandale Beach Boulevard/Florida State Route 858. Hollywood South Central Beach and U.S. Route 1 are close by, and Fort Lauderdale-Hollywood International Airport is within a short drive.

Tenant Makes Long-Term Boca Raton Office Commitment

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A confidential tenant has leased 24,653 square feet of office space at 5201 Congress Avenue in Boca Raton.

The triple-net lease carries a 130-month term, giving landlord Mainstreet Capital Partners a long-term tenant commitment at the property. The lease rate was reported at $28 per square foot.

Joseph Freitas of CBRE represented Mainstreet Capital Partners in the negotiations. The tenant was represented by Greg Katz, Carlyle Coffin and Dean Katz of Stream Realty Partners.

The transaction closed May 20, 2026, according to Traded.

Key Facts

  • Property: 5201 Congress Avenue, Boca Raton
  • Space leased: 24,653 square feet
  • Tenant: Confidential
  • Landlord: Mainstreet Capital Partners
  • Lease structure: Triple net
  • Lease term: 130 months
  • Reported rate: $28 per square foot
  • Landlord representative: Joseph Freitas, CBRE
  • Tenant representatives: Greg Katz, Carlyle Coffin and Dean Katz, Stream Realty Partners
  • Closing date: May 20, 2026

Travelpro Signs 30,000-SF Boca Raton Office Lease

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Travelpro has signed a 30,000-square-foot office lease at 6500 Park of Commerce Boulevard in Boca Raton.

The property is owned by Faropoint, and the lease was structured as a triple-net agreement. Financial terms were not disclosed.

Eric Cantor of Cushman & Wakefield represented Faropoint in the transaction. Dean Katz, Adam Bernstein and Greg Katz of Stream Realty Partners represented Travelpro.

The lease adds to ongoing activity in Boca Raton’s Park of Commerce area, a business district that continues to attract office, flex and industrial users seeking access to South Florida’s executive workforce, highway network and regional transportation infrastructure.

Located within the broader Broken Sound/Park of Commerce corridor, 6500 Park of Commerce Boulevard offers proximity to Interstate 95, Florida’s Turnpike, Tri-Rail service and major South Florida airports, making it a strategic location for companies with regional and national operations.

Travelpro, known for its luggage, bags and travel accessories, was founded in 1987 and is headquartered in Boca Raton.

Berkadia Arranges $100.4M Refinancing Of Palm Beach Gardens Trophy Office Asset

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Berkadia has facilitated an $100.4 million loan for Gatsby Florida to refinance DiVosta Towers, a 220,000-square-foot Class A office campus in Palm Beach Gardens.

One of the newest trophy office towers in Palm Beach County, DiVosta Towers consists of two 11-story office towers and a connected structured parking facility. The property is fully leased and home to a diverse roster of national and global tenants.

Senior Managing Director Charles Foschini, Managing Director Scott Wadler and Associate Director Shannon Wilson of Berkadia Miami arranged the loan on behalf of the sponsor, Gatsby Florida.

Cirrus Real Estate Partners provided a three-year, floating-rate, interest-only loan. Proceeds will refinance the existing loan Berkadia arranged in 2022 and position the asset for continued performance.

“In today’s lending environment, office is the most scrutinized asset class, and refinancing even high-quality properties has become increasingly selective,” said Foschini. “DiVosta Towers stands apart. With full occupancy, institutional-caliber tenancy, and a location where new supply is effectively constrained, this was exactly the type of asset lenders are still willing to back.”

 

“Palm Beach Gardens has emerged as one of the strongest office submarkets in the country, supported by strong in-migration and massive corporate investments in and around West Palm Beach,” added Wadler. “Office rents are up more than 90% over the past decade, and that growth is being driven by real fundamentals. The building’s location and performance coupled with best-in-class ownership and management made this deal possible. The Gatsby Florida team has employed a class-leading tenant program in the building and continues to outperform in the state.”

 

“Since taking ownership of the properties in 2020 and completing the full lease-up and construction of the towers we have been able to attract, and continue to attract, some of the best global firms to our property,” added Isaac Schalom, Vice President, Gatsby Florida. “By having a hands-on approach to the management, leasing and all other aspects we continue to add value to this strategic asset in Palm Beach County.”

Located at 3825 and 3835 PGA Boulevard, DiVosta Towers was completed in 2019 and 2020 and is a highly visible landmark along I-95, distinguished by its two Louvre pyramid-inspired architectural frameworks. It was the first new office development delivered in the submarket in more than a decade. Tenants include JP Morgan, Wealthspire Advisors, Virtu Financial, and others.

The campus features floor-to-ceiling glass, 10-foot ceiling heights, and a best-in-class amenity package, including structured parking with direct lobby access, tenant conference and event space, high-speed elevators, EV charging stations, and outdoor gathering areas. DiVosta towers in the newest office building in the submarket in over 15 years.

“These buildings are visible 24/7 from I-95, A1A, PGA Boulevard, and other streets throughout Palm Beach Gardens. They are iconic in design and an example of our firm’s brand. We are very happy with their performance and look forward to maintaining this standard across all of our properties. We are excited to begin construction this year on the newest office tower in this underserved market—The Modern. This building will complement what we have achieved at DiVosta Towers and serve best-in-class global tenants relocating to Palm Beach County,” said Babak Ebrahimzadeh, President of Gatsby Florida.

Tenants benefit from immediate access to more than 2.5 million square feet of surrounding retail, including The Gardens Mall, as well as a 130,000-square-foot Life Time fitness facility directly across the street. The property is prominently positioned along PGA Boulevard and State Road A1A, one of the region’s most sought-after commercial corridors.

Cushman & Wakefield Arranges Investment Sale Of Fort Lauderdale Office Center

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Cushman & Wakefield represented Coral Ridge Office Center LLC in its $7 million disposition of Coral Ridge Office Center to NRNS Acquisition 3696 Federal Highway LLC.

Cushman & Wakefield’s Scott O’Donnell, Mike Ciadella, Greg Miller and Miguel Alcivar structured this transaction “off market.”

Located at 3696 N. Federal Highway, Coral Ridge Office Center totals 32,445 square feet on approximately 1.4 acres. The building was completed in 1989 and is nearly 55% leased to five professional services tenants. The property is well-suited for professional and service-oriented occupiers seeking high exposure in a well-trafficked corridor.

“With occupancy at 55% and in-place rents significantly below market, Coral Ridge Office Center represents a compelling value-add opportunity. The buyer’s planned capital improvements create a rare opportunity to acquire a quality, highly visible South Florida office asset at an attractive basis, with meaningful upside through increased occupancy and rent growth,” said O’Donnell, Executive Managing Director at Cushman & Wakefield.

 

Interface Properties Acquires 15-Acre Mixed-Use Office, Medical Campus In Boca

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Interface Properties, a Boca Raton-based real estate investment firm specializing in the acquisition, redevelopment and repositioning of value-add properties, has acquired Fountains Center, a 189,542-square-foot mixed-use office, medical and retail campus located at the intersection of Powerline Road and W. Camino Real in Boca Raton.

The seven-building property has served Boca Raton businesses, healthcare providers and residents for decades and today is 95% leased to a diverse mix of banking, medical, retail and professional services tenants. The campus also includes excess land approved for the future development of a 21,000-square-foot office building.

Interface intends to initiate a multimillion-dollar capital improvement program designed to modernize the property and enhance the tenant experience, including façade and landscaping enhancements and restoration of the property’s signature fountains.

“Fountains Center embodies the type of opportunity we look for as investors,” said Zac Goodman, Managing Partner of Interface Properties. “It combines strong in-place cash flow, meaningful redevelopment potential and an attractive basis in one of South Florida’s strongest real estate markets. Just as importantly, it’s a property with deep roots in the community and a longstanding roster of tenants who serve Boca Raton residents every day. We see an opportunity to build on that foundation through active ownership, thoughtful reinvestment and a long-term commitment to the asset.”

 

Added Ken Goodman, Founding Partner of Interface Properties, “As a Boca Raton-based company, we’re especially excited to invest in a property in our own backyard. Fountains Center has been an important part of the local business community for decades, and our goal is to be responsible stewards of that legacy while enhancing the experience for tenants, visitors and the surrounding community. We believe the property’s best days are still ahead.”

Nelson Garcia of RARE CRE represented the seller in the acquisition. Michael Basinski and Mitch Sinberg of Berkadia Boca Raton arranged a $31.75 million acquisition loan through City National Bank.

Located at 7000–7700 W. Camino Real, Fountains Center was built between 1980 and 1990, and features direct frontage along Powerline Road, one of Boca Raton’s primary north-south corridors. Seven buildings serve a mix of office, medical, retail, and service-oriented tenants with on-site amenities like abundant parking and drive-thru banking. Current tenants include Citi Bank, Truist Bank, University of Miami Miller School of Medicine, Salt Academy, Traditions South and numerous independent healthcare providers. Approximately 54% of the property is leased to medical office users, many of whom have served Boca Raton residents for years.

Situated in one of South Florida’s most affluent residential communities, the property is just five minutes from the Florida Turnpike and I-95, and a short 10 minute drive to Town Center at Boca Raton, Florida Atlantic University, Downtown Boca Raton, and Boca Raton Airport, and just minutes from the Boca Raton Synagogue, four golf and country clubs, and a dense concentration of executive and luxury housing.

Over the past three decades, Interface has built its business around identifying well-located properties where hands-on management, capital investment and long-term ownership creates lasting value. Past acquisitions in Palm Beach County include the Haverhill Business Park in Riviera Beach, El Clair Medical Center in Boynton Beach, and Burma Commerce Park in Palm Beach Gardens. In 2020, Interface entered the multifamily sector with the acquisition of two sites in Boca Raton which it redeveloped into student housing – The Yard University Apartments I and II. Interface also owns and operates affordable and market rate apartment communities in Tampa, Fort Myers and Naples.