The five-story Northpoint Corporate Center in West Palm Beach has sold for $15 million.
The Realty Associates Fund VIII, an affiliate of Boston-based TA Associates, sold the 98,903-square-foot office building at 701 and 491 Northpoint Parkway to Smithfield, Rhode Island-based Douglas Pike Associates. The deal was brokered by Marcus & Millichap’s Douglas K. Mandel and C. Todd Everett.
The price equates to $152 per square foot. The property sold at a discount to its previous trade of $16.45 million in 2008. Located just west of Interstate 95 off the 45th Street exit, Northpoint center was built on the 5.6-acre site in 1988 by Stiles Corp. Tenants include CBS, AT&T, Florida Blue, ADP Inc., Traveler’s Insurance and First American Title.
Menin Development, Inc. Purchased The Three-Building Retail Center For $33,000,000
Marcus & Millichap Senior Vice President and Institutional Property Advisors (IPA) senior director Douglas K. Mandel negotiated the sale of an 84,551-square-foot retail center located at 500 Linton Boulevard in Delray Beach, Florida.
Delray Beach-based Menin Development, Inc. purchased the 100% leased, three-building retail center for $33,000,000, or just more than $390 per square foot. Menin has acquired and/or developed in excess of 3 million square feet in Florida, Virginia, North Carolina, South Carolina, Louisiana and Tennessee.
Mandel represented the seller, Linton 510 LLC, in the transaction. The deal closed June 20. New Century Commons consists of three unique components, all with direct frontage on Linton Boulevard, providing great visibility with convenient access to I-95. The center boasts a stunning and fresh approach to architecture, providing an upbeat, modern environment to shop and dine all in one convenient and easy to find location.
Marcus & Millichap Senior Vice President and Institutional Property Advisors (IPA) senior director Douglas K. Mandel was awarded the '2015 Office Broker of the Year for Investment Sales' award from the South Florida Chapter of the National Association of Industrial and Office Properties (NAIOP).
Mandel was also named a Finalist for the 2015 Office Sale of the Year and 2015 Industrial Sale of the Year.
A fund tied to New York-based Brickman has purchased the 200 Southeast First building in downtown Miami for $33.85 million, or $239 per square foot.
Integra Investments sold the newly renovated, 12-story tower for a 61 percent gain. The firm, led by principal Victor Ballestas, listed it in July for $38 million. Doug Mandel and Ben Silver of Marcus & Millichap's Institutional Property Advisors, brokered the sale, according to a press release. Integra purchased the building, at 200 Southeast First Street, out of foreclosure for $21 million in April 2014. Ballestas previously told The Real Deal that the property was a 'value-add play' for Integra, which invested millions of dollars into renovations that included new exterior faÃ§ade and signage, lobby upgrades, elevator and corridor finishes, new digital security cameras and access control with card-swipe entry, a new fire and life safety panel and a new HVAC chiller. Property records show it was originally built in 1958.
Marcus & Millichap's Douglas K. Mandel, Senior Vice President Investments, has been selected among Real Estate Forum magazine's Top US Office Sales Brokers.Sales brokers selected had the highest scores among all nominees, derived from the average score of three fields—total square footage, total number and total dollar volume of commissionable investment sales transactions completed over a 12-month period ending at midyear 2015.
In 2015, Mandel and his team are scheduled to close a total of more than 30 transactions valued at more than $330 million, representing a record for the team. As a Senior Director of Marcus & Millichap's National Office and Industrial Properties Group (NOIPG) and National Retail Group (NRG), Douglas Mandel represents a wide array of investors, including high net-worth private investors, developers, institutions, publicly traded REIT's, private equity funds, offshore investors and syndicates.
North Miami industrial park sells for $21.25M | Price was $500,000 less than last sale in 2005
The North Miami Business Park was just sold for $21.25 million, a sale that listing agent Douglas Mandel said is a sign of the industrial market's recovery.
The park is a 12-building complex that measures 214,318 square feet. It's composed mostly of small-bay warehouses that measure a few thousand square feet apiece.
It was last sold for $21.75 million to a fund managed by Boston-based TA Associates Realty in 2005, which Mandel said was arguably the height of the market. Mandel and Benjamin Sil ver of commercial brokerage Marcus & Millichap represented the fund for the most recent sale.
The seller in 2005, a Coral Gables-based company titled NMBP Associates, has returned to the property a decade later as the new buyer. The price it paid to reacquire the park was just $500,000 below what it sold it for, which breaks down to about $2 per square foot less than the price it fetched at the market's peak. The company took out a $15.93 loan from JPMorgan Chase Bank for the purchase.