FT LAUDERDALE, FL, December 15, 2011 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of The Bank of America at Grove East (top left photo), a 32,688-square foot, Class-B office building located in the Plantation submarket of Ft Lauderdale, according to Gregory Matus, Regional Manager / Vice President of the firm’s Ft. Lauderdale office.
The asset commanded a sales price of $5,350,000 representing $164 per square foot.
Douglas K. Mandel (middle right photo), a Vice President Investments in Marcus & Millichap’s Ft. Lauderdale office, and Benjamin Silver (lower left photo), an Associate in the firm’s Miami office, had the exclusive listing to market the property on behalf of the seller, a private investor from Coral Gables, Fla. The buyer, an investment fund from Austin, TX, was also secured and represented by Mandel and Silver.
The property is 100 percent occupied by two tenants: Bank of America who has seven years left on their lease and Chrysalis Health who is signing a new 16-year master lease at closing for the entire building. Bank of America will become their subtenant.
The property is the corporate headquarters for Chrysalis Health, a fast growing healthcare company specializing in mental health services with over seven locations in the tri-county area and over 400 employees.
“This opportunity will provide an investor long term stable cash flow with annual escalation and little to no management requirements. The property’s location on West Broward Boulevard, just east of State Road 441 and the Florida Turnpike is very favorable for its accessibility to the Miami-Dade, Broward and West Palm Beach markets,” says Mandel.
The property is located at 3800 W Broward Boulevard in Ft Lauderdale, Fla.
Press Contact:
Gregory Matus
Regional Manager / Vice President, Ft. Lauderdale
(954) 245-3400
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