News

Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced that it is exclusively listing for sale two single-tenant office buildings, one in Orange Park, Florida and one in Jacksonville, Florida. Both properties are triple-net-leased and 100 percent occupied by Enhanced Resource Center (ERC), a leading provider of customer experience management services. The 35,200-square-foot office asset located in Orange Park is listed at $7.55 million and the 33,009-square-foot Jacksonville office building is priced at $6.86 million.

"With over eight years remaining on the leases, these two stabilized assets offer investors steady, passive cash flow in income-tax free Florida," says Douglas K. Mandel, senior managing director investments in Marcus & Millichap’s Fort Lauderdale office.Mandel and David Weinberg, first vice president investments in the firm's Detroit office, are representing the seller.

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Commercial real estate brokerage Marcus & Millichap guided the sale of a three-story suburban office building in northeast Tampa for $11.41 million, or about $133 per square foot. The three-story, 85,820-square-foot building, called Palm Lake at Tampa Palms, is located at 15310 Amberly Drive in Tampa, two-and-a-half miles south of the intersection of interstates 75 and 275.

Douglas K. Mandel, senior managing director investments in Marcus & Millichap’s Fort Lauderdale office, worked with senior associate Robbie McEwan, and associate Nicholas Hanson, both in the Orlando office, to represent the seller and procure the buyer.

Palm Lake at Tampa Palms was 88 percent occupied at the time of the sale. The Jaeb Center for Health Research, a nonprofit coordinating center for multi-center clinical trials and epidemiologic research, just expanded by occupying the entire third floor and extending its lease term for an additional seven years.



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Condor Real Estate Group sold Palmetto Lakes, a multi-tenant industrial/flex center in Hialeah, for $5.3 million.

Miami—Marcus & Millichap recently arranged the sale of Palmetto Lakes Industrial Center, a two-building, 67,562-square-foot industrial/flex center located in Hialeah, Fla. The property traded for $5.3 million.

Marcus & Millichap’s Douglas Mandel and Benjamin Silver represented the seller, Condor Real Estate Group Inc. The buyer, Warehouse 5007 LLC, was represented by Felipe Serrano of New Miami Realty Corp.

Palmetto Lakes Industrial Center, which was built between 1976 and 1977, is a multi-tenant industrial/flex property situated on 3.17 acres within the Palmetto Lakes Industrial Park at 16540 NW 49th Ave. Building I totals 32,021 square feet and Building II 35,541 square feet. The property was 100 percent occupied at the time of the sale and has maintained historically high occupancy with many of the tenants in place for over 10 years. The buildings offer high visibility, with convenient access to the Palmetto Expressway.



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Miami-based group purchased a portfolio with three industrial parks including 13 buildings in the Orlando area for $17.5 million. "Leasing activity for space under 20,000 square feet continues to be in high demand as more tenants are utilizing single-story flex space versus traditional office space, which should prove very profitable for Mr. Kramer," reads a statement from Marcus & Millichap Institutional Property Advisors Senior Director Douglas Mandel.

The buyer, Orlando Industrial 3 RE LLC, is a group managed by Michael Kramer. The sellers including three related companies based in Baltimore, MD: Monroe South SPE LLC, Hanging Moss SPE LLC and Goldenrod SPE LLC.

The Marcus & Millichap team of Mandel, Senior Associate Robbie McEwan and Office Investment Associate Nicholas Hanson negotiated the sale of the property, which included 289,346 square feet. They represented both sellers and buyers.



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Marcus & Millichap Senior Vice President and Institutional Property Advisors (IPA) senior director Douglas K. Mandel, along with Barry Wolfe, Senior Director of both Marcus & Millichap's National Retail Group and Net Leased Properties Group and Alan Lipsky, an Associate with Marcus & Millichap’s National Retail Group, negotiated the sale of Lincoln Park, 40,747-square-foot multi-tenant shopping center located at 5859 West Atlantic Ave. in Delray Beach, Florida. The deal closed September 28.

Pineapple Grove Association, LLC, an entity managed by Craig Romer and Bob Dockerty, purchased the 1985-built center for $12,850,000, or approximately $315 per square foot, from Lincoln Park LLC, an entity controlled by Michael Janoura of Janoura Realty & Management. It last traded for $2.9 million in 1999.

Mandel, Wolfe and Lipsky represented both the buyer and seller in the transaction.



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Miami-based City National Bank of Florida sold a two-building commercial development near Tampa for $9.225 million, or about $112 per square foot, with representation from brokerage firm Marcus & Millichap. City National sold the 82,330-square-foot Crescent Park development in Riverview as trustee of a land trust agreement dated March 27, 2008. The new owner, John Navrati, closed the purchase September 20.

Built in 2007, Crescent Park comprises two office/flex buildings on a 9.25-acre site at the intersection of U.S. Highway 301 and Interstate 75, close to the Port of Tampa. One of the buildings measures 53,450 square feet and is fully occupied with eight tenants. The other is a single-tenant building spanning 28,880 square feet. It is occupied by Cardno Entrix, a publicly traded company listed on the Australian Securities Exchange.



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Marcus & Millichap Senior Vice President and Institutional Property Advisors (IPA) Senior Director Douglas K. Mandel negotiated the sale of Linkside Shoppes, a newly-renovated, 43,328-square-foot retail plaza situated on 3.63 acres located in Fort Pierce, Florida. Summit Congress Plaza, LLC purchased the retail asset, located at 1401-1495 South US Highway 1, for $4,600,000 from Holland G&C Ft. Pierce, LLC, an affiliate of Delray-based Grover Corlew of Florida, LLC. The property last traded in March 2014 for $1,700,000,

Mandel represented both parties in the transaction.

“Linkside’s beautiful new design, prime eastern location and stable tenancy provides Holland G&C Ft. Pierce, LLC with a tremendous value-add opportunity with the stability of a steady return,” commented Mandel. “The average remaining lease term of the current occupancy is almost 6 years.” Linkside Shoppes recently underwent a $2 million renovation, including a complete redesign of the plaza’s façade and parking lot. The plaza was 73 percent occupied at the time of the sale, featuring a strategic diverse mix of national and regional tenants including West Marine, Pizza Hut, Hibbett Sports, Mattress Firm, Well Med and Jimmy John’s.



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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 the sale of 2425 Office Plaza, a 21,625-square-foot boutique office asset located at 2425 East Commercial Boulevard in Fort Lauderdale, Florida.

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.

Mandel and Thomas were the only brokers involved in the transaction.



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Miami—Marcus & Millichap facilitated a joint venture management restructure for Sabre Centre I, a 102,351-square-foot office building located in Boca Raton, Fla. Marcus & Millichap Senior Vice President and Institutional Property Advisors (IPA) Senior Director Douglas Mandel, along with National Office and Industrial Properties Group Associate Timothy Thomas led the negotiations.

“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.” said Mandel in a prepared statement.

The office asset is located at 5901 Broken Sound Parkway, within the Park at Broken Sound office complex. Twin buildings Sabre Centre I and Sabre Centre II and total 206,000 square feet and were the former headquarters of Siemens Corp. Sabre Center I was built in 1986 and sits on about six acres of land. It was about 60 percent leased at the time of the sale, with tenants from various industries such as financial services and sports nutrition.



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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.



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Menin Development picked up two retail properties in the hot shopping and dining market of Delray Beach for a combined $58.6 million. In the larger transaction, Linton 510 LLC, managed by Yaniv Sananes in Miami Beach, sold the 84,551-square-foot New Century Commons at 500 W. Linton Blvd. for $33 million. The seller was represented by Douglas K. Mandel of Marcus & Millichap. Menin Development’s NCC Rosebud Two secured a $26.4 million loan from Goldman Sachs Bank.The price of New Century Commons equates to about $390 per square foot. It was built on the 9.5-acre site in 1990.

New Century Commons is 100 percent leased, but it’s likely to have 45,173 square feet open up soon because the Sports Authority is about to close as part of the retailer’s bankruptcy filing. Other tenants include PetSmart, Chipotle, Cream and PNC Bank.



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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.



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Seller more than doubled his money after four years

The same Colombian family that sold off the Key Biscayne Matheson estate for a record $47 million is back at it again. A company they control just paid $6.75 million for a commercial property on West Palm Beach’s bustling Clematis Street. County records show Trifecta Clematis, controlled by Ana Maria Caballero of Key Biscayne, purchased the 1920s-era building at 314 Clematis Street. Some of its tenants include Off The Hookah, a restaurant and night club that occupies the ground floor, as well as Eastview Development, a multifamily builder that has its offices on the second floor. The seller was a company controlled by Zachary Preminger, president of Boca Raton-based Preminger Investments. His company bought the 29,181-square-foot building in 2012 for $3.2 million, or about $110 per square foot.



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The Consulate General of Peru purchased a Coral Gables office building for $4.5 million with plans to relocate from its Brickell space. That's 15,133,901 Peruvian sols.

Diamonds International sold the four-story 15,875-square-foot office building on March 16. Marcus & Millichap's Douglas K. Mandel, Benjamin H. Silver and Richard Niewiadomski represented the seller, 1401 Ponce de Leon Real Estate Holdings, according to a press release. Aurelio del Corral of Great Properties International Realty represented the consulate.



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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.

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ICM Realty Group sold Gulfstream Plaza near West Palm Beach for $13.05 million, or a 102 percent increase over its last trade thanks to a renovation.

ICM VI - WPB I, part of Atlanta-based ICM Realty Group, sold the 84,738-square-foot retail plaza at 2076 N. Haverhill Road and 4971 Okeechobee Blvd. to Gulfstream Shopping Plaza LLC, managed by Paul Rosenberg in Boca Raton. Miami Lakes-based BankUnited provided a $9.14 million loan to the buyer.

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Marcus & Millichap Senior Vice President and Institutional Property Advisors (IPA) senior director Douglas K. Mandel and Robbie McEwan, Senior Associate with Marcus & Millichap's Orlando office, negotiated the sale of Winter Garden Business Park, a 91,734-square-foot retail and office park located at 1218-1232 Winter Garden Vineland Road in Orange County, FL, part of the Orlando MSA. Bel-Cal Properties, Inc. purchased the 2005-built, 8-building portfolio for $8,550,000, or $93 per square foot, from Adler Winter Garden, LLC, a division of Miami-based Adler Group.

Adler purchased the asset in June 2010 for $5,750,000.

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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 façade 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.

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A medical office building in Miami sold for $11.8 million four years after it was seized in foreclosure.

Sunset Commercial Properties, managed by Jason Haim in Miami, sold the building at 9035 Sunset Drive with 35,002 square feet of leasable space to Superior Copper Investments, managed by Luis F. Malo in Miami. The deal was brokered by Marcus & Millichap's Douglas K. Mandel and Benjamin H. Silver.

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Marcus & Millichap Senior Vice President Douglas K. Mandel negotiated the sale of the Collis Roofing Portfolio, a three-property, 86,822-square foot office and warehouse portfolio situated on approximately 10.89 acres of land in Longwood, Lakeland and Melbourne, Florida.

Sandlapper Capital Investments, LLC, purchased the property for $9,250,000 from L&B Holdings of Longwood, LLC.

Mandel represented both parties in the transaction.

The deal closed February 1.

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ICM Realty Group, a Canadian investment firm that's active in South Florida, just put down $17.05 million for an office building in Boca Raton.

The property is located at 6111 Broken Sound Parkway within the 700-acre Park at Broken Sound commercial development. Included in the sale was a 100,668-square-foot office building that was erected in 1986, plus about 8 acres of land — most of which is currently used for surface parking. CoStar data shows the property is currently 77.3 percent leased out.

It was sold by a company named after the property's address, with David S. Novoseller listed as its managing member. Novoseller also owns an investment firm called DSN Holdings, which is based in the Miami area.

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Marcus & Millichap Senior Vice President Douglas K. Mandel, Benjamin H. Silver, Vice President Investments, and Associate Richard Niewiadomski, negotiated the sale of 1701 Ponce, a 5-story, 48,006-square foot office building located at 1701 Ponce de Leon Blvd. in Coral Gables, FL.

The building was formerly occupied and branded as Simply Healthcare's headquarters, which was acquired earlier this year by Anthem, Inc. for an estimated $1 billion. The a Florida-licensed health maintenance organization expanded and required more space and, as a result did not extend their lease, which expired on December 31.

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Marcus & Millichap is expanding its new Institutional Property Advisors (IPA) division, looking to capitalize on larger institutional sales and major private real estate investors.

The firm has tapped Douglas K. Mandel, the senior director of Marcus & Millichap's National Office and Industrial Properties Group in Fort Lauderdale, to lead the new team in Florida. Mandel joined the company in 2004, and before that was with Citivision Commercial.

"I am excited at the opportunity to extend IPA's national collaborative platform of comprehensive and integrated investment advisory, brokerage and capital markets services to my clients," said Mandel. "The unparalleled access to private capital that IPA provides is of great benefit to office and industrial investors in Florida and throughout the nation."

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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.

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The Doral Commons office building sold for $13.1 million, more than double its value from four years ago.

The Realty Associates Fund IX, an affiliate of Boston-based TA Associates Realty, sold the 59,727-square-foot building at 8550 N.W. 33rd St. to Bonbon Realty, an Aventura-based company managed by Arnold S. Wax. Marcus & Millichap's Douglas K. Mandel and Benjamin H. Silver represented both the buyers and the sellers, while Blanca Commercial Real Estate's Tere Blanca, Danet Linares and Andres del Corral were the leasing agents on the building and assisted the sellers.

The four-story building last traded for $6.25 million in 2011. It was built on the 2.7-acre lot in 1999. It is 98 percent occupied, with the largest tenant Windhaven Insurance, with 31,524 square feet.

"Doral has risen substantially on the interest scale across all sectors, driving transactions and pricing upward," Mandel said. "Demand for office space will continue to grow as community-centric and residential projects continue to transform Doral into one of the most important markets in the country. Doral Commons is excellently positioned to take advantage of that explosive growth."

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The Chase Bank Professional Center in Lake Worth was just sold for $6.9 million, a cool $1.1 million premium from its last sale in 2009.

The four-story center, located at 2601 North 10th Avenue, houses roughly 94,222 square feet and occupies more than 8.8 acres of commercial land. It is leased primarily to the Health Care District of Palm Beach County and a Chase banking location.

A pair of West Palm Beach investors were named as the buyers: the building was acquired by 10th Avenue Partnership Ltd., a company linked to John Hoecker and Kent Wilmering.

Hoecker is the president of Jupiter Realty Company, a commercial investment firm he founded that focuses on Palm Beach County. Wilmering is also a commercial investor, and the co-founder of a renewable energy company called Go Sun and Wind.

The two purchased the property from the Health Care District of PBC, an independent special taxing district that provides healthcare for uninsured residents of the county. The district paid $5.8 million for 2601 North 10th Avenue in 2009 and used it as its headquarters.

Marcus & Millichap agents Douglas Mandel and Todd Everett brokered the deal. Mandel is a repeat player for this property, having brokered the last deal in 2009, when the district purchased the building from JPMorgan.

According to Marcus & Millichap, the deal was a sale-leaseback, meaning the district will keep its offices there as a lessee instead of a property owner. – Sean Stewart-Muniz

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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.

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Design District Commercial Site Up For Sale at $11M

Yet another commercial property is up for sale in Miami's Design District, this time an office building, for $11 million.

Design District One is a two-story, 6,000-square-foot building at 3819 North Miami Avenue. It's occupied by a marketing company, but listing brokerage Marcus & Millichap said the building can be sold empty - and that there's plenty of opportunity for development.

"The property is currently occupied by LGD Communications but can be delivered vacant as an owner-user asset or as an extremely rare redevelopment opportunity fronting North Miami Avenue within the exploding Miami Design District market," Benjamin Silver, one of the listing agents, said in a statement. "The building is perfect for any high-end retail business."

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Coconut Grove Trophy Office Buildings Trade For $42 Million

Marcus & Millichap announced the sale of two office buildings in Coconut Grove: Bayview Executive Plaza and Continental Plaza.

The total sales price for the two properties is $42 million.

Douglas K. Mandel, first vice president investments, and Benjamin H. Silver, associate vice president investments, both in Marcus & Millichap's Fort Lauderdale office, represented the seller and procured the buyer, Allegra Holding.

"These buildings are well positioned to reap the benefits associated with the explosive growth of new developments in 'The Grove' and the buyer will be able to take advantage of future spikes in demand that will push rental rates to new highs," says Mandel.

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Broward Retail Center Sells for $10.5M

The Shoppes of Hillsboro, a 61,165 square-foot retail center in Deerfield Beach, has sold for $10.5 million.

Marcus & Millichap's Douglas K. Mandel, first vice president of investments, and Barry M. Wolfe, vice president of investments, both with the firm's Fort Lauderdale office, represented the seller, Kenneth Israel Shoppes of Hillsboro LLC. The buyer is a partnership between BREF Hillsboro and Dhanya of Miami.

Broward property records show the sellers had purchased the center in 2005 for $9 million.

Shoppes of Hillsboro, at 2201-2260 West Hillsboro Boulevard, includes two parcels with an inline strip and two single-tenant pads, according to a release. The tenant mix includes various businesses, including medical, financial, clerical, food service, sundry retail and services. High-density, multi-residential communities nearby include the retirement community Century Village.

"Continuing a trend from 2014, retail real estate investors like what they see in Broward County strip centers," Mandel said in a statement. "Smaller neighborhood centers requiring less management are particularly desirable." - Ina Cordle

A 10.2-acre warehouse park located near Interstate 95 has been sold for $17.5 million.

Marcus & Millichap represented the seller, The Adler Group. The buyer is an Aventura-based company led by Jorge Linkewer and Mario Grosfeld. The property is located at 1600 Northeast 205th Terrace and has nine buildings occupying 215,921-square-feet of space, according to a news release.

The building complex includes an air-conditioned warehouse with office space and 75 loading bays ranging in size from 1,000 to 18,000 square feet. “This was a unique opportunity for an investor to acquire an industrial asset with ample acreage and functional design in a true infill location with superior distribution access,” said Douglas Mandel, a Marcus & Millichap vice president, in the release

MIAMI—The Chase Bank Building, a 20,603 square foot office property located in Miami Beach, FL, has traded hands. The bank building sold for $8 million, or $388 per square foot.

Douglas K. Mandel, a first vice present investments, and Benjamin H. Silver, an associate vice president investments, in Marcus & Millichap’s Fort Lauderdale office, represented the seller, Norfolk, VA-based company. Jamie Medress, a senior vice president investments and Mark Ruble, a first vice president investments, in Marcus & Millichap’s Phoenix office, represented the buyer, a private investor from Miami beach.

“The Chase Bank Building was a highly sought after deal that received tremendous interest from investors across the country,” says Silver. “We generated dozens of offers at list price or higher within only a couple of weeks from going to market. Ultimately we went with an offer $800,000 above list price with no due diligence period and a 10-day close.”

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A New York company bought the Santona Corner retail complex in Coral Gables for $17.4 million. Marcus & Millichap First VP Douglas K. Mandel and Associate VP Benjamin H. Silver represented the seller, Coral Gables-based Sontona Corner LLC, led by Danny S. Taha. It was acquired by 172 Realty LLC, an affiliate of New York-based ABC Properties.

It’s located at 1430 South Dixie Highway. The 37,130-square-foot retail property featuring a 159-space parking garage was built in 2008 and is divided into condominiums. The price equated to $469 per square foot.

“This was an opportunity for an investor to acquire a trophy retail asset across from the University of Miami with prominent and high exposure on busy U.S. 1,” Silver said in a news release. “The distinguished building was designed by Mateu Architecture and offers its tenants an upscale modern façade.” Tenants in Santona Corner include the Jugofresh restaurant, Intercredit Bank, a dry cleaners, Cosi Chic blow bar salon and spa, One Sotheby’s realty, a yoga clothing store, and Yamaha Pianos.

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Marcus & Millichap arranged the sale of Alcazar Tower, a three-story, 37,000-square foot office building located in Coral Gables, Florida. The asset sold for $6,750,000 representing $185 per square foot.

Douglas K. Mandel, a first vice president investments, and Benjamin H. Silver, a senior associate, in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a limited liability company from Miami Beach. The buyer, a limited liability company from Miami, was also secured and represented by Mandel and Silver.

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As the real estate market was in rebound and investors began to flock back to the South Florida market, commercial brokers Douglas Mandel and Benjamin Silver of Marcus & Millichap’s Fort Lauderdale office were seeing a renewed investor feeding frenzy.

When 55 Miracle Mile, a four-story, mixed-use project in Coral Gables, hit the market in 2013, they had 28 interested bidders, several of them international. After sourcing and vetting them all, they shrunk the number of competitors to eight.

Marcus & Millichap represented the seller, CF Miracle Mile LLC, managed by Fortress Investment Group.

“There’s not a lot of trophy assets on Miracle Mile like that. We had global interest in the deal which created the frenzy of offers that we had,” Mandel said.

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Baptist Health South Florida continued its real estate buying spree by purchasing a Coral Gables office building for $9 million. Douglas Mandel and Benjamin H. Silver, of Marcus & Millichap’s Fort Lauderdale office, brokered the deal on behalf of seller H & H Yeung Corp., which is managed by Hoi-Sang Yeung. That company paid $7.3 million for the 30,668-square-foot building at 1575 San Ignacio Ave. in 2006. Mandel said the building is fully leased and Baptist Health was interested in buying it because it already occupies 60 percent of the building. The non-profit acquired a neighboring office building in 2013.

Gibraltar Private Bank & Trust Co. is the other main tenant. “The office market in Coral Gables is on fire,” Mandel said. Mandel said he’s close to closing the sale of Alcazar Tower and signing up Coconut Grove Bank as a ground floor tenant there. He’s also marketing the office building at 2199 Ponce de Leon Blvd.

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February 25, 2014
The brokers at Marcus & Millichap in Fort Lauderdale represented the seller and advised the buyer in the $19 million sale of HSBC Plaza, a retail center in Boca Raton built in 2008. The transaction closed Jan. 23.

Mandel had previous business dealings with the seller, Harvey Geller, president of Vanguard Realty and Development Corp. in West Palm Beach, as well as with the buyer, Martin Osher of Hollywood. Geller's company developed HSBC Plaza at 19120 S. State Road 7, a 46,000-square-foot retail shopping center with a freestanding CVS and an HSBC Bank branch. Geller's company managing the property was Yamato Court LLC. With 95 percent occupancy, Geller felt it was time to sell, he said. The buyer managed by Osher is Power Center I Inc. TransAmerica Life Insurance Co. stepped in with a $12 million mortgage to Power Center I.

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Miami-based financial services company CGI Merchant Group paid $26.75 million for retail, office space and a 400-spot parking garage at a Coral Gables condominium building, according to a spokesperson.

The property, 55 Miracle Mile, contains 184 condo units, but the residential component was not for sale. CF Miracle Mile LLC instead sold 65,242 square feet in retail and office space on the ground, second and third floors. Commercial tenants include Ben & Jerry’s, HSBC Bank and Cibo Wine Bar.

Douglas Mandel and Benjamin Silver, both of Marcus & Millichap, represented the seller. Starwood Capital Group built it in 2004; all condo units were sold within a year.
— Mark Maurer

MIAMI—55 Miracle Mile has traded hands. The retail, office, and parking portion of the Coral Gables trophy asset sold for $26.75 million.

Douglas K. Mandel, a first vice president of investments in Marcus & Millichap’s Fort Lauderdale office, and Benjamin H. Silver, a senior associate in the firm’s Miami office, represented the seller, CF Miracle Mile LLC. The property is 90% occupied. Major tenants include Ben & Jerry’s, Cibo Wine Bar, HSBC, and Tarpon Bend.

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