Tag Archive for: institutional property advisors

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.

 

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.