Marcus & Millichap’s Mandel, Everett Negotiate Sale Of Class A Office Building

Marcus & Millichap Senior Vice President and Institutional Property Advisors (IPA) senior director Douglas K. Mandel, along with and C. Todd Everett, SIOR, Director, NOIPG, negotiated the sale of Northpoint Corporate Center, a 98,903-square-foot Class A office building located at 701 Northpoint Parkway in West Palm Beach, Florida.

Smithfield, R.I.-based Douglas Pike Associates, LLC purchased the five-story office building for $15,000,000. The purchase includes a separate, free-standing office outparcel of approximately 2,000 square feet located on the south side of the main building and directly on the lakefront.

The deal closed June 30.

Mandel and Everett jointly represented both the Seller, The Realty Associates Fund VIII, L.P., and the Buyer in the transaction.

Since Northpoint Corporate Center was developed in 1988 by Stiles Corporation, the building has attracted such prominent tenants as CBS, BellSouth, BlueCross BlueShield, ADP Inc., Traveler’s Insurance and First American Title.

The property is located at the 45th Street I-95 Interchange in West Palm Beach, just minutes from nearby restaurants, retail shops and the Marriott Courtyard Hotel and approximately 15 minutes from the Palm Beach International Airport. Northpoint Corporate Center was also awarded an Energy Star label in 2011, 2012, 2013 and 2014 for its operating efficiency.

“The building has attracted the attention of an array of investors as well as a variety of Fortune 500 companies due to its excellent location and large, flexible floor plates that can accommodate tenants in excess of 20,000 square feet,” commented Mandel.

Including this deal, Mandel has closed more than $200 million in sales this year, including the sale of the following Palm Beach County assets:

• New Century Commons in Delray Beach, which sold for $33,000,000.
• Gulfstream Plaza in West Palm Beach, which sold $13,050,000, just more than double what it last traded for in 2013.
• Atrium at Broken Sound, a 98,000 SF office building in Boca Raton, which sold on January 14 for $17,050,000.
• And, together with Everett, the sale of 314 Clematis, a 27,091-square-foot office building located in West Palm Beach, for $6,750,000.

“The West Palm Beach market is undergoing explosive developmental growth with many new mega-scale projects in the works, forecasting continued strong demand for real estate within the county well into the future,” Mandel added.