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| Douglas K. Mandel |
CORAL SPRINGS, FL, July 7, 2014 – Marcus & Millichap
(NYSE: MMI), a leading commercial real estate investment services firm with
offices throughout the United States and Canada, today announced the sale of
BB&T Bank Building, a 37,369 square foot office property located in Coral
Springs, FL. 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, FL.
“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, FL.
For a complete copy of the company’s news release, please
contact:
Ryan Nee
Regional Manager
Fort Lauderdale, FL
(954) 245-3400
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