Wednesday, July 19, 2017

MArcus & Millichap Arranges $7.5 Million Sale of The Towers at 1601 Belvedere in West Palm Beach, FL


Douglas K. Mandel
WEST PALM BEACH, FL, July 19, 2017 – 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 Towers at 1601 Belvedere, a 101,730 rentable-square-foot office property located in the Airport Micro-Market of West Palm Beach, FL, according to Ryan Nee, Vice President / Regional Manager of the firm’s Fort Lauderdale office.

The asset sold for $7,500,000.

This was the second time around for Douglas K. Mandel, Senior Managing Director Investments, and C. Todd Everett, SIOR, Director in the National Office and Industrial Properties Group, as they marketed the property for sale in 2013 for the previous owner.

“Although the market timing was not in our favor back in 2013, we have always believed in the opportunity for an investor to re-position this asset and we were determined to see it through” stated Mandel.

Mandel and Everett, both in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.

C. Todd Everett
The team of Mandel and Everett has been very active in the West Palm Beach market having sold multiple suburban office buildings including the recent sale of Northpoint Corporate Center, a 100,000 square foot class “A” office building located within the Northpoint Corporate Park, as well as three iconic assets on Clematis Street in the heart of downtown and are currently marketing the 100,000 square foot premier Gold Leed Certified office building EcoPlex, also located within the Airport Micro-Market.

Additionally, Mandel and Everett are closing this week on a 207,000-square foot office building in Boca Raton, FL.

“There continues to be a strong appetite for high quality assets in good locations. With supply constraints and limited new development on the horizon, we remain bullish on the suburban office outlook for Palm Beach County” added Everett.

Towers at 1601 Belvedere consists of two, five-story, multi-tenant office buildings, each comprised of approximately 51,000 rentable square feet. The property is connected by a shared atrium/lobby with an Embassy Suites Hotel.

The Property is located at 1601 Belvedere Road in West Palm Beach, FL. 

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

Ryan Nee
Vice President / Regional Manager, Fort Lauderdale

(954) 245-3400

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