Tag Archive for: douglas mandel

KAS Partners Unloads Office Property, More Than Doubles Investment

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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 facilitated the sale of 2425 Office Plaza, a 21,625-square-foot boutique office asset located at 2425 East Commercial Boulevard in Fort Lauderdale.

Real estate investor Corey Shader purchased the office building for $2.3 million from a subsidiary of Coral Gables-based KAS Partners. The property last traded in December 2010 for $1,450,000.

2425 Office Plaza was approximately 70 percent occupied at the time of the sale, which closed on September 16.

 

“With its central location, direct frontage on Commercial Boulevard and tremendous lease-up potential, 2425 Office Plaza provided Mr. Shader with an excellent opportunity to acquire a well-maintained, value-add office building,” commented Mandel.

The 1971-built office property, which consists of four stories situated on a 0.45-acre parcel of land with direct frontage along Commercial Boulevard, just east of Federal Highway (US Highway 1), was renovated in 2005.

Mandel and Thomas represented the seller in the transaction. The buyer was represented by One Investment Group.

 

Douglas K. Mandel, Timothy P. Thomas Negotiate Joint Venture For Class A Office Property In Boca Raton

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Marcus & 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 facilitated a joint venture management restructure for Sabre Centre I, a 102,351-square-foot office building located at 5901 Broken Sound Parkway, within the evolving and highly desirable Park at Broken Sound in Boca Raton.

“Sabre Centre I provided G&C Sabre Investors LLC with the opportunity to partner on a value-add trophy office asset in one of the region’s most highly sought-after submarkets.” commented Mandel.

Doug Mandel

Mandel

Sabre Centre I is the sister building to Sabre Centre II and was the former HQ for Siemens Corporation. The building sits on approximately six acres of land and was approximately 60 percent occupied. Tenants range from various industries such as financial services and sports nutrition.

The property’s location, just north of Yamato Road and less than 2 miles from Interstate 95, is surrounded by new multi-family and retail developments that are transforming the Park at Broken Sound into a Live-Work-Play community. Formerly known as the Arvida Park of Commerce, and often referred to as the “Grande Dame” of South Florida office parks, the Park at Broken Sound contains 5.2 million square feet of office space spread across

Thomas

Thomas

700 acres of beautiful lakes, waterways, and open green space with walking trails.

Mandel and Thomas represented both parties in the JV.

The deal was finalized August 15th.

 

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

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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.

Doug Mandel and Todd EverettSmithfield, 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.

Let’s Extend A BIG ‘Thank You’ To Douglas Mandel!

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As many of you know, we were unable to secure the funding necessary to keep the SFOBA website up and running and had announced that we would be deactivating the site effective June 28th.

Just when we thought the site we worked so hard to build was coming down, along comes Marcus & Millichap Senior Vice President and Institutional Property Advisors (IPA) senior director Douglas K. Mandel.

Douglas, single-handedly, has agreed to sponsor the SFOBA website, allowing us to continue to post meeting announcements and relevant news for another year!

Please join us in letting Douglas know just how much we appreciate his stepping up to the plate to save the SFOBA site!