Tag Archive for: marcus & millichap

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.

 

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.

CRE Broker Uses F-Word To Describe Palm Beach County’s Biotech Dreams

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Visions of drug plants, wet labs and incubator space once danced in the heads of Palm Beach County’s commercial real estate brokers and developers. But a decade after former Gov. Jeb Bush recruited the Scripps Research Institute to Florida, those dreams remain just a dream.

Perhaps patience is wearing thin among the commercial real estate types who once embraced the fantasy of a thriving biotech sector. Consider this exchange  during Thursday night’s NAIOP South Florida event in West Palm Beach.

“I don’t even really know what to ask,” said Todd Everett, a broker at Marcus & Millichap and moderator of a panel discussion. “Is this our legacy, or is this a flop?”

“It’s slow in maturing,” said Jonathan Satter, a broker at Avison Young. “There’s a long way to go.”

Despite Florida’s $1.5 billion bet on biotech, private-sector spin-offs are nearly non-existent.

Bush, who worked in commercial real estate for a time before he was elected governor, insisted that northern Palm Beach County would need 8 million square feet of space for biotech companies. But Scripps spinoffs take little more than a few thousand square feet of space in Jupiter.

 

Source:  Palm Beach Post

M&M’s Mandel Brokers Coral Springs Office Sale

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Marcus & Millichap announced the sale of BB&T Bank Building, a 37,369 square foot office property located in Coral Springs.

The asset sold for $4,275,000, equating to $114 per square foot.

Douglas K. Mandel, a first vice present investments, in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a partnership from Miami.

“This was an opportunity for an investor to acquire a stabilized asset located within the Coral Springs Community Redevelopment Area. The focus of the redevelopment plan is to convert the current low-density, unconnected, car-dependent, development pattern into a ‘real downtown’ where none has existed before,” says Mandel.

BB&T Bank Building was constructed in 1978 and is 93 percent occupied with a mix of professional office and medical office tenants. BB&T Bank has a branch in the property with drive-thru lanes and an ATM. The property is located adjacent to the Broward Health Coral Springs Hospital at 9600 West Sample Road in Coral Springs.