Tag Archive for: institutional property advisors

Institutional Property Advisors Facilitates Broward County Office, Mixed-Use Asset Sale

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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.

Butters, PEBB Enterprises Acquire Boca Raton Office Buildings

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Butters Construction & Development, Inc. and PEBB Enterprises announced the successful acquisition of two office buildings located at 2000 Glades Road and 1951 Wyndham Way in Boca Raton for $26.15 million, equating to more than $438 per square foot.

The transaction marks the first partnership between the two firms.

The two multi-tenant office buildings total 59,667 square feet in one of Boca Raton’s busiest business corridors. The buildings are currently 75% occupied, presenting significant upside potential through a targeted capital improvement program and a focused, aggressive leasing strategy aimed at capturing mark-to-market opportunities.

Butters and PEBB plan to enhance the buildings through strategic upgrades and repositioning efforts designed to attract new tenants and elevate the overall tenant experience. The partnership will leverage both firms’ deep local expertise and operational capabilities to maximize the value of the asset.

Butters brings a longstanding track record to the partnership, having built more than 28 million square feet of commercial real estate valued at over $5 billion during its 36-year history. The company has developed a wide range of office, industrial and mixed-use projects throughout South Florida and beyond.

“Partnering with PEBB on this acquisition represents a natural alignment between two firms that share a long-term vision for Boca Raton,” said Malcolm Butters, President and Co-Founder of Butters Construction & Development, Inc. “This is a well-located asset with strong fundamentals and compelling upside. We see a clear opportunity to enhance the property and capture demand from tenants seeking high-quality office space in this market.”

PEBB is one of South Florida’s most active commercial real estate investment and development firms, with a long track record of acquiring, repositioning and developing assets throughout Boca Raton and the broader South Florida market. Over the past decade alone, PEBB has completed more than 5 million square feet of transactions representing more than $3 billion in value.

“This acquisition shows our continued conviction in Boca Raton as a premier office market,” said Ian Weiner, CEO of PEBB Enterprises. “With strong demographics, limited new supply and increased leasing activity, we believe this property is well-positioned for long-term growth. We are excited to partner with Butters on our first transaction together and unlock the full potential of this asset.”

 

“This is exactly the type of opportunity we are focused on – well-located assets where we can apply a disciplined capital program and leasing strategy to create value,” said Eric Hochman, Chief Investment Officer of PEBB Enterprises. “Boca Raton continues to show strong demand fundamentals, and we see a clear path to improving both tenancy and overall performance at the property.”

Abanca provided acquisition financing for the transaction, supporting the partnership’s business plan.

Douglas Mandel of Marcus & Millichap’s Institutional Property Advisors division, along with Zach Levine and Cody Hershey, brokered the sale on behalf of the seller, BOA 520 LLC. Christopher Staller of Nelson Mullins Riley & Scarborough LLP represented the buyers in the transaction.

IPA Brokers Office Asset Sale In Palm Beach County

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Institutional Property Advisors (IPA) announced the sale of the PGA Design Center, a 43,878-square-foot professional building located within PGA Station, a mixed-use development in Palm Beach Gardens.

The property sold for $15.5 million.

“Located in one of South Florida’s most affluent and supply-constrained markets, the property benefits from long-term tenancy, strong lease commitments, and the demand drivers of a master-planned environment that integrates office, medical, retail and hospitality,” said Douglas Mandel, IPA executive managing director investments.

Mandel, along with Zach Levine and Cody Hershey of Marcus & Millichap represented the seller, PGA Design Partners LP, with support from the Falk Weprin team at Colliers. The Marcus & Millichap team, in collaboration with Colliers executive vice president Scott Weprin, sourced the purchaser, LRP Properties 3901 LLC.

The property is just off RCA Boulevard, close to PGA Boulevard, and Interstate 95. The Gardens Mall, Downtown at the Gardens, and the PGA National Resort and Spa are nearby.

Within a three-mile radius, the population is over 79,000 and the annual median income is more than $439,000.

Built in 2006, the PGA Design Center’s tenants are New Radiance Cosmetic Centers, Score At The Top Learning Centers and Schools, and Outside the Box Coastal Home Furnishings. At the time of the sale, the center was 100% occupied.

Institutional Property Advisors Facilitates Sale Of Class A Office Building In Boca Raton

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Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI) dedicated to serving the company’s institutional clients, announced the sale of 1200 Corporate Place, a 137,021-square-foot, Class A office property in Boca Raton.

The asset sold for $31,400,000.

“The building was 84% leased at the time of sale, and with approximately 40% of the rentable square footage set to roll over in the next four years, new ownership has a compelling opportunity to drive significant net-operating income growth over the next decade,” said Douglas Mandel, IPA executive managing director investments. “Strategically located at one of the most visible intersections in Boca Raton, the property benefits from a daily traffic count exceeding 50,000 vehicles, providing invaluable exposure to its diverse tenant mix.”

Mandel, along with Zach Levine and Cody Hershey of Marcus & Millichap represented the seller, Keystone Property Group.

1200 Corporate Place is prominently positioned at the intersection of Glades Road and Federal Highway/U.S. Route 1, a gateway corridor that links Downtown Boca Raton with the greater Palm Beach County region. The building is a half mile from Mizner Park, the city’s open-air lifestyle center featuring upscale retail, fine dining, and cultural venues such as the Boca Raton Museum of Art and Mizner Park Amphitheater.

“Surrounded by some of South Florida’s most prestigious residential communities, including The Sanctuary, Royal Palm Yacht & Country Club, and The Golden Triangle, the property is ideally situated for professional tenants seeking a live-work-play environment,” added Mandel. “The nearby Brightline Boca Raton Station, offering high-speed rail service to Miami, Fort Lauderdale, West Palm Beach, and Orlando, adds a layer of accessibility that is unmatched in the region.”

The location also benefits from proximity to the Boca Raton Resort and Club, Boca Raton Airport, and Interstate 95. Average annual household income within a three-mile radius exceeds $122,000.

Built in 1984 and situated on more than five acres, 1200 Corporate Place underwent a comprehensive renovation in 2024. Enhancements included a modernized lobby with water feature upgrades, full parking lot resurfacing, and extensive landscaping improvements to elevate curb appeal. The building features a striking four-story central atrium lobby, a two-story structured parking garage, and a full-service café that caters to both tenants and visitors.

“This transaction highlights sustained investor interest in well-located, institutional-quality office assets in dynamic South Florida submarkets like Boca Raton,” Mandel concluded.

Institutional Property Advisors Brokers Two-Building Office Portfolio Sale

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Institutional Property Advisors (IPA), a division of Marcus & Millichap dedicated to serving the company’s institutional clients, announced the sale of Deerfield Financial Centre, a two-building, approximately 90,000-square-foot office portfolio in Deerfield Beach.

The property sold all cash for $11,525,000.

Douglas Mandel, IPA executive managing director investments, and Zach Levine of Marcus & Millichap represented the seller, Crown Diversified Industries Corp., and procured the buyer, Rusty Towers LLC, an affiliate of Boca Raton-based Bark Management.

The property was sold on behalf of the original developers and had been held by the family for over 40 years.

Located at the corner of West Hillsboro Boulevard and Military Trail, the buildings are within walking distance of the Deerfield Beach train station. The Deer Creek Golf Club is nearby, and both Interstate 95 and the Florida Turnpike are easily accessible.

Built in 1984 and 1985 on 5.5 acres, the Deerfield Financial Centre comprises 60 office suites ranging in size from 120 square feet to over 4,750 square feet. The property offers 366 parking spaces and features two four-lane drive-thrus equipped with pneumatic tube systems.

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.