Tag Archive for: douglas mandel

Marcus & Millichap Facilitates Sale Of Two Boca Raton Office Buildings

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Marcus & Millichap announced the sale of two office buildings in Boca Raton.

Branded as The Greenhouse, the buildings are located at 5255 and 5301 North Federal Highway in Boca Raton. The assets sold for a combined $15,675,000.

5255 N Federal Hwy_Photo Provided by Marcus & Millichap

The-Greenhouse-Boca-Raton_Photo Provided by Marcus & Millichap

“The transaction of these office buildings demonstrates the continued strength of the office market and investor demand for office buildings in South Florida,” said Douglas Mandel, executive managing director investments. “Boca Raton has witnessed significant population growth in recent years, and the demand for leasing space remains strong,” continued Mandel.

Mandel and Zach Levine, investment specialists in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, Wigder Investment Group, and procured the buyer, Bark Management.

The multi-story buildings comprise approximately 93,000 square feet and sit on approximately 5-acres at the corner of North Federal Highway (US-1) and Yamato Road, near the Interstate-95 interchange. The Greenhouse brand aims to provide start-up businesses with flexible, turnkey space at affordable prices.

The properties include private offices ranging from individual suites to multi-office suites, spanning from 150 to 5,000 square feet. They are currently 96% occupied. The buildings feature a café, lobby, conference rooms, on-site property management and ample parking. The Greenhouse caters to Boca Raton’s growing start-up industry and is situated in the heart of growth and rejuvenation in the immediate area, including the newly opened Brightline station.

 

Marcus & Millichap Negotiates Sale Of Class A Office Building In Boca Raton

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Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of 1095 Broken Sound Parkway, a 46,593-square-foot Class A office building in the Park at Broken Sound office park in Boca Raton.

The property sold for $9.5 million.

“This asset is the newest Class A office building to be delivered in the 700-acre, dynamically evolving and highly desirable Park at Broken Sound live-work-play office park,” said Douglas K. Mandel, IPA executive managing director. “An ideal corporate or regional headquarters, the acquisition gives our buyer the opportunity to occupy more than 50% of the building’s existing square footage.”

Mandel, along with Tyler S. Kuhlman and Zachary Levine of Marcus & Millichap represented the seller.

“The Palm Beach County office market observed a strong rebound last year, as evidenced by the metro’s office-using employers’ recovery of all pandemic job losses by the second quarter,” said Kuhlman. “Currently, employers are on track to end the year 8,000 positions above pre-health crisis counts.”

Located at the intersection of Broken Sound Parkway and Broken Sound Boulevard, the building has over 400 feet of prime frontage on Broken Sound Parkway. Nearby Interstate 95 gives tenants and their customers easy access to Florida’s Turnpike, three airports, and an abundance of retail, dining, hotel and entertainment options. The 1.5 million-square foot Town Center Mall is 3.2 miles away and the Boca Raton Station of the Tri-Rail system, South Florida’s 71-mile mass transit commuter train system is less than a mile away.

Constructed in 2008, the three-story concrete office building has single-deck structured parking and ample underneath parking with multiple entrances.

 

Uptown Fort Lauderdale Office Building Sells

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Marcus & Millichap negotiated the sale of Cypress Executive Center, a office building located in the Uptown Business District of Fort Lauderdale.

The asset sold for $17,500,000.

ICM Cypress LP, an affiliate of Calgary-based ICM Realty Group, sold the 140,635-square-foot office building at 1901 W Cypress Creek Road to CYPRESS CORPORATE CENTER LLC. The price equates to $124 per square foot.  The property is situated on a ground lease that is owned by the City of Fort Lauderdale and has just under 50 years of lease term remaining.

Marcus & Millichap’s Douglas Mandel, Tyler S. Kuhlman and Richard Redmond had the exclusive listing to market the property on behalf of the seller.

“We have sold several properties over the years that were subject to city of Fort Lauderdale ground leases, so we are very familiar with working with Airport Authority and the city of Fort Lauderdale to navigate the assumption process”, said Mandel. 

ICM purchased the building in 2015 for $10.9 million when Mandel represented the Seller.  At the time, building was just 60% occupied.  After the acquisition ICM completed a building-wide renovation, re-branding and repositioning strategy, which resulted in the building’s stabilization.  “Our partnership with Doug’s team for the building sale was vital to executing our investment strategy”, said ICM Realty’s Andrew Webb.

“The Cypress Executive Center garnered premium pricing due to current ownerships ability to stabilize the asset, whilst significantly upgrading the buildings core amenities and successfully executing on their value-add strategy from inception,” stated Kuhlman.

Cypress Executive Center is located at 1901 W Cypress Creek Rd in Fort Lauderdale, FL.  It is directly across the street from the Fort Lauderdale Executive Airport in the Uptown Business District of Fort Lauderdale, which is home to numerous major national corporations such as Citrix, Microsoft and others.  The property was constructed in 1987 and extensively upgraded between 2015 and 2019, with over $1.3 million worth of improvements added to the building, in addition to considerable Tenant Improvements made to many of the suites during the same period.

 

Marcus & Millichap’s Mandel, Kuhlman Negotiate Sale Of Executive Airport Business Center

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Douglas Mandel

Mandel

Marcus & Millichap Senior Managing Director and Institutional Property Advisors (IPA) senior director Douglas K. Mandel, along with Marcus & Millichap Associate Tyler Kuhlman, represented the Seller, TCPH Broward, LLC, and Buyer in the sale of Executive Airport Business Center (EABC), a 73,289-square-foot, two-building office/industrial facility located adjacent to the Fort Lauderdale Executive Airport at 5101 NW 21st Avenue in Fort Lauderdale.

FXE Business Center, LLC, an affiliate of Adler Group, LLC, purchased the property for $5,500,000. The deal closed February 4.

Tyler Kuhlman

Kuhlman

The property was constructed in 1987 and is situated on a six-acre, leasehold site with 35 years of term remaining. The landlord is the City of Fort Lauderdale.

 

“With stabilized occupancy of 87 percent, EABC, the Buyer is able to immediately enjoy steady cash flows of a diverse rent roll boasting nationally accredited companies that have been long term tenants,” commented Mandel.

 

Located in the Uptown Business District / Cypress Creek submarket of Fort Lauderdale, EABC offers convenient access to several major highways via Commercial Boulevard, which allows for direct access to Interstate 95 and the Florida Turnpike. The Property is adjacent to the Fort Lauderdale Executive Airport, which is one of the top-five largest executive airports in the United States.

Mandel + Partners experienced an extremely active 2018, closing more than $270 million.  So far this year, Mandel + Partners closed transactions in excess of $100 million.

 

Plantation Office Portfolio Fetches $43 Million

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Institutional Property Advisors (IPA), a division of Marcus & Millichap announced the sale of Plantation Corporate Center I & II.

The two-building, 239,616-rentable-square-foot office portfolio, located within the Jacaranda Park of Commerce in Plantation, sold for $43,150,000.

The transaction closed February 12.

“Plantation Corporate Center I & II is a high-end asset with stable income that presents new ownership with an opportunity for future upside through re-leasing and potential development,” says Douglas K. Mandel, senior managing director. “Both assets are leased to Crawford and Company through 2021, with Centerfield and Aetna Life Insurance Co. occupying the buildings under sublease agreements.”

Mandel and C. Todd Everett, SIOR represented the seller, a limited-liability company and procured the buyer, a joint venture partnership between IP Capital Partners, LLC and a fund managed by Westport Capital Partners LLC.

Plantation Corporate Center I & II is located on a 20.3-acre lakefront land parcel at 1600 and 1601 SW 80th Terrace between University Drive and Pine Island Road on the north side of Interstate 595. Access to Florida’s Turnpike, Interstate 95, and the Sawgrass Expressway is nearby.

 

Douglas K. Mandel, Timothy P. Thomas Negotiate Sale Of Class A Office Property In Boca Raton

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MandelPartners-Douglas-Mandel-Tim-ThomasMarcus & Millichap Senior Vice President and Institutional Property Advisors (IPA) Senior Director Douglas K. Mandel, along with National Office and Industrial Properties Group Associate Timothy P. Thomas negotiated the sale of 3010 North Military Trail, a 36,464-square-foot office building located in the affluent and thriving heart of Boca Raton, Florida.

Butters Acquisitions, LLC purchased the newly-renovated building for $4,600,000 from Numed Holdings, LLC, an entity managed by Todd Stephens. Stephens was one of sixteen defendants charged in September in federal court with participating in a massive insurance fraud scheme including pharmaceutical drugs and illegal kickbacks, according to U.S. officials.

 

“The 3010 North Military Trail property provides Butters Acquisitions LLC with a unique opportunity to own a prospective corporate headquarter facility or a value-add investment within one of the most dynamic and resilient submarkets in South Florida, at a price well-below replacement cost,” commented Mandel.

The three-story building, situated on a 2.11-acre site between Glades Road, Yamato Road and Interstate 95 (I-95), was vacant at the time of the sale.

Mandel and Thomas represented both parties in the transaction.

The deal, which was finalized November 4, brings Mandel+Partners’ number of closed transactions this year to 33 valued at more than $315 million.