The property sold for $40 million.
A private company has signed a triple-net lease at a Congress Avenue office property, securing a sizable block of space under an agreement extending for more than a decade.
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.
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.
Institutional Property Advisors Facilitates Broward County Office, Mixed-Use Asset Sale
/in Done Deals, News/by SFOBA STAFFThe property sold for $40 million.
Tenant Makes Long-Term Boca Raton Office Commitment
/in Done Deals, News/by SFOBA STAFFA private company has signed a triple-net lease at a Congress Avenue office property, securing a sizable block of space under an agreement extending for more than a decade.