Tag Archive for: ipa

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.

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.

 

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.