News

Marcus & Millichap Senior Managing Director and Institutional Property Advisors (IPA) senior director Douglas K. Mandel, first vice president investments Benjamin H. Silver and associate Adam Klein, represented the seller, Miami investor Leonard Boord, in the disposition of Miami Medical Office Portfolio, a two-building portfolio totaling ±101,423 square feet.
The Bilmore Professional Building, located at 475 Biltmore in Coral Gables, Florida, a medical office building totaling ±51,423 square feet, and SOMI Center, a ±50,000-square-foot Class A mixed-use building located at 5966 S. Dixie Highway in South Miami, Florida were purchased by ShareMD, a Southern California-based real estate investment company, for $33,152,500.

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Marcus & Millichap Senior Managing Director and Institutional Property Advisors (IPA) senior director Douglas K. Mandel and Associate Tyler Kuhlman, represented the seller, G&P Enterprises and Health Communications, Inc. (HCI), in the sale of 3201 Fifteenth, a ±104,000-square-foot vacant industrial facility located in the Northeast Broward industrial submarket in Deerfield Beach, Florida.

Fort Lauderdale-based Integrated Regional Laboratories, LLP, A Subsidiary of HCA, purchased the warehouse production facility for $12,900,000.

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Marcus & Millichap Senior Managing Director and Institutional Property Advisors (IPA) senior director Douglas K. Mandel and Associate Elon D. Gerberg, represented the buyer, a private investor with international ties, in the purchase of PMG Plaza, a ±38,334-square-foot retail property located at 1101 North Federal Highway in Fort Lauderdale, just north of Sunrise Boulevard.

The retail asset was purchased for $15,840,000.

PMG Plaza features 500 feet of direct frontage on Federal Highway, Fort Lauderdale’s premiere retail corridor and provides the new owners with a wide array of development opportunities with B-1 Zoning.

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Key International has disposed of Highland Park Center, a Class A office building in Miami. TopMed Realty, a healthcare real estate private equity firm, acquired the asset for $13.9 million.
Located at 1011 N.W. Sunnybrook Road, near the Health District, Highland Park Center faces the Dolphin Expressway, the main artery linking Miami International Airport to the Miami Beach. The property is situated across from the Jackson Memorial Hospital, two blocks east from the Miami-Dade Court House and less than 1 mile west from Interstate 95.
Senior Managing Director Douglas Mandel and First Vice President of Investments Benjamin Silver of Institutional Property Advisors represented the seller in the deal. In March, Mandel took part in an Orlando-area transaction involving a 150,000-square-foot office building which traded for $13.8 million.

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Marcus & Millichap Senior Vice President and Institutional Property Advisors (IPA) senior director Douglas K. Mandel was awarded the “2018 Office Broker of the Year for Investment Sales” from the South Florida Chapter of NAIOP, the Commercial Real Estate Development Association.

Mandel’s team experienced an extremely active 2018, closing more than $270 million. So far this year, the team closed transactions in excess of $100 million.

Mandel also was awarded the 2018 Office Sale of the Year for his part in the sale of Plantation Corporate Center.

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Marcus & Millichap Senior Managing Director and Institutional Property Advisors (IPA) senior director Douglas K. Mandel, along with Marcus & Millichap Associate Adam Klein, represented the Seller, Weisberg Family Investments, LLLP, in the sale of Palmetto Lakes Industrial, an ±82,800-square-foot, two-building small bay warehouse situated on 4 acres located just steps away from the Palmetto Expressway at 5261 NW 161st Street in Miami Gardens.

The 1985-built asset, which was 100% occupied at the time of the sale, features 30 bays and 111 parking spaces, along with convenient access to interstates 75 and 95.

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A partnership between Blue Vista Capital Management and Logistics Investment Management has acquired American Industrial Center in Longwood, Fla. According to public records, the asset traded for $49 million. The seller was a family-owned company specialized in industrial and warehouse spaces for lease in Central Florida.
“The transaction is one of the largest industrial park sales in the history of the Orlando market,” said Nicholas Hanson, senior associate in Marcus & Millichap’s Orlando office, in prepared statements. Hanson and Douglas Mandel, Marcus & Millichap senior managing director of investments with the company’s Fort Lauderdale branch, negotiated the deal on behalf of the buyer.

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Alchemy-ABR Investment Partners and Breakers Capital Partners acquired the Atrium at Broken Sound office building in Boca Raton.

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The Shoppes of Loggers Run, a 112,300-square-foot shopping center at 11379 and 1443 West Palmetto Park Road, traded for about $165 per square foot. Records show the seller, GPH Holdings LC, paid $22.4 million for the property in 2007.
The deal was brokered by Douglas Mandel and Elon Gerberg of Marcus & Milichap. Mandel said the property hit the market unpriced in November. Occupancy is currently at 82 percent.
Tenants at the Shoppes of Loggers Run include Goodwill, the United States Postal Service and Sherwin-Williams.

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An entity managed by Gramercy Property Trust has disposed of a two-building office portfolio at Jacaranda Park of Commerce in Plantation, Fla. According to public records, a joint partnership of IP Capital Partners LLC and a fund managed by Westport Capital Partners LLC acquired Plantation Corporate Center I and II for $43.2 million.

The assets are located at 1600 and 1601 S.W. 80th Terrace, on a 20.3-acre lakefront site, just north of Interstate 595 and comprise a total of 239,616 leasable square feet. Two shopping malls, other retail amenities and five golf courses are within a one-mile radius, while downtown Miami is a roughly 30-minute drive away.

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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, 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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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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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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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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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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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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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

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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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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