Thursday, June 11, 2015

$18 Million Office Building Sale in Palm Beach Gardens, FL Brokered and Financed by Marcus & Millichap



TBC Corp.-Leased Building, Palm Beach Gardens, FL

Britt Raymond
PALM BEACH GARDENS, FL, June 11, 2015 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of a three-story office building in Palm Beach Gardens, Fla. triple-net leased by the TBC Corp.

The building serves as TBC’s corporate headquarters. The $18 million sales price equates to $405 per square foot. 

Marcus & Millichap Capital Corp. (MMCC) arranged $9.2 million in financing for the purchase.

Preet Sabharwal and Britt Raymond in Marcus & Millichap’s Manhattan office represented the seller.

Marco Lala and Steven Siegel, also in the firm’s Manhattan office, procured the buyer. 

Christopher Marks in MMCC’s Manhattan office arranged the debt placement, which was structured with a 10-year fixed term at 4.15 percent on a 25-year amortization schedule at 51 percent loan-to-value. The loan was nonrecourse with no prepayment penalty in event of a sale.

Preet Sabhaarwal
“The lease carries a corporate guarantee from TBC Corp., the wholly owned and largest subsidiary of Sumitomo Corp., one of Japan’s largest conglomerates,” says Raymond.

The building is located off Interstate 95 on PGA Boulevard in Palm Beach Gardens. The area is home to more than million square feet of office and headquarters space and tenants such as Merrill Lynch, Walgreens, Fidelity Investments, Huntington National Bank, and Allstate Corp. 

Neighboring retail tenants include Chanel, MAC, AT&T, Whole Foods, State Farm, Marriott International Inc., Petco, Toys R Us, and Best Buy.       

The 44,415-square-foot building was built in 2007 and renovated to become TBC Corp.’s headquarters in 2009.

Kirk Felici, first vice president and district manager in Marcus & Millichap’s Miami office is the firm’s Florida broker of record.

For a complete copy of the company’s news release, please contact:

Gina Relva
Public Relations Manager

(925) 953-1716

No comments: