Tag Archive for: mandel+partners

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.

 

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.