BOCA RATON, FL, April 11, 2012 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of The Courtyard Office Building (top left photo), a 71,820-square foot office building in Boca Raton, according to Gregory Matus, Vice President/Regional Manager of the Ft Lauderdale office.
The asset commanded a sales price of $6,250,000 or $87 per square foot.
Vice President Investments Douglas K. Mandel (middle right photo) in the firm’s Ft. Lauderdale office and Senior Associate Benjamin Silver (lower left photo) in the Miami office had the exclusive listing to market the property on behalf of the seller, a Boca Raton-based partnership.
The buyer, a local investor was able to secure financing and close quickly due to the tight timeframes associated with a 1031-exchange. The buyer has plans to upgrade the building aesthetics and mechanics, which is expected to increase occupancy rates and help to re-establish the building as a landmark destination for its tenants.
“The property is currently 42 percent occupied with below market rents, providing strong upside potential. The local leasing market is averaging occupancy rates of 87 percent and average lease rate of $25.57 per square foot,” says Mandel.
The Courtyard is a 70,000-square foot, four-story office building located at 5301 North Federal Highway, across from the Boca Raton Yacht Club (lower right photo). The main feature of the property is the four-story Atrium with several water features including waterfalls, ponds, streams, tropical foliage, two glass elevators, restaurant and underground parking.
Press Contact: Ashley Steele, (954) 245-3400
No comments:
Post a Comment