Tag Archive for: doug mandel

IPA Closes Palm Beach County Office Building Sale

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Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Peninsula Corporate Center, a three-story, 48,829-square-foot office building in Boca Raton.

The building sold for $15.3 million.

“The property is 100% occupied by 54 tenants representing a variety of industries,” said Douglas Mandel, IPA executive managing director. “Short lease terms and below-market average rents give the buyer an opportunity to significantly increase revenue.”

Mandel and Marcus & Millichap’s Zach Levine and Joshua Gilbert represented the seller, BREF 950, LLC, an entity affiliated with Malcolm Butters, and procured the buyer, an affiliate of Bark Management, a Boca Raton-based real estate investment company.

Located between Boca Raton and Delray Beach, the building is visible from Congress Avenue, which sees over 30,000 vehicles per day and provides access to Interstate 95. The Florida Turnpike is nearby and within three miles, the average annual household income is over $106,000.

Built in 2006, Peninsula Corporate Center offers a unique array of features, including private restrooms and mini kitchens in each of the 54 suites. The building also provides hurricane impact glass, two elevators, a back-up generator, lush courtyard, and an atrium fountain.

 

M&M’s Mandel Brokers Coral Springs Office Sale

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Marcus & Millichap announced the sale of BB&T Bank Building, a 37,369 square foot office property located in Coral Springs.

The asset sold for $4,275,000, equating to $114 per square foot.

Douglas K. Mandel, a first vice present investments, in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a partnership from Miami.

“This was an opportunity for an investor to acquire a stabilized asset located within the Coral Springs Community Redevelopment Area. The focus of the redevelopment plan is to convert the current low-density, unconnected, car-dependent, development pattern into a ‘real downtown’ where none has existed before,” says Mandel.

BB&T Bank Building was constructed in 1978 and is 93 percent occupied with a mix of professional office and medical office tenants. BB&T Bank has a branch in the property with drive-thru lanes and an ATM. The property is located adjacent to the Broward Health Coral Springs Hospital at 9600 West Sample Road in Coral Springs.