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| 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.
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| 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.
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| 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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