Thursday, January 10, 2013

Marcus & Millichap Sells 55,755-SF Office Building in West Palm Beach, FL for $3.4 Million



Commerce Pointe Silver, West Palm Beach, FL
WEST PALM BEACH, FL, Jan. 10, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Commerce Pointe Silver, a 55,755 square foot office property located in West Palm Beach, FL. 

The asset commanded a sales price of $3,400,000.

Douglas K. Mandel
Vice President Investments Douglas K. Mandel in Marcus & Millichap’s Ft. Lauderdale office and Senior Associate Benjamin H. Silver in the firm’s Miami office had the exclusive listing to market the property on behalf of the seller, a limited liability company from Lauderhill, FL. 

Benjamin H. Silver
The buyer, a limited liability company from West Palm Beach, FL was also secured and represented by Mandel and Silver.

Commerce Pointe Silver is a four-story professional office building located just off just off Australian Avenue and I-95 in West Palm Beach. 

The property was 42 percent occupied at the point of sale and underperforming against the overall office market trends for the submarket thus presenting the buyer with a tremendous value-add opportunity. Commerce Pointe Silver is located at 1818 South Australian Avenue.

Press Contact:

Gregory Matus
Vice President/Regional Manager,
Fort Lauderdale, FL
(954) 245-3400


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