$12.55 Million Bank-Owned Office Portfolio Sale in Florida Arranged b y Marcus & Millichap

                        

                          The Commons Office Portfolio in Florida

FORT LAUDERDALE, FL– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of The Commons Office Portfolio, a three-property portfolio of four executive suite office buildings totaling 198,000 square feet. The portfolio commanded a selling price of $12.55 million. The properties are:

Douglas K. Mandel

• ·         Wellington Commons, 92,000 square feet, Lake Worth, Fla.
• ·         Vista Park Commons, 60,427 square feet, West Palm Beach, Fla.
• ·         Stuart Commons, 46,000 square feet, Stuart, Fla.

             Douglas K. Mandel, a vice president investments in Marcus & Millichap’s Fort Lauderdale office represented the seller, Wells Fargo. Mandel and Benjamin H. Silver, a senior associate in Marcus & Millichap’s Miami office, represented the buyer.

            “The Commons were designed and developed specifically as executive suite office buildings and provide a host of amenities specific to this type of use,” says Mandel. “Due to the low cost of ownership, a discount to replacement cost and an unparalleled amenity base, the portfolio offers tremendous upside potential.”

Benjamin H.
Silver 

            Developed by the Crexent Business Centers in 2007, the properties feature full-time receptionists, furnished office suites, state-of-the art telecommunications, high-speed Internet, daytime personalized answering service, personal mail delivery, free on-site notary, complimentary coffee and beverage centers, meeting/conference rooms and virtual offices.

 Each facility also provides tenants with use of a private gym with lockers and showers, and free parking.

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

Ben Johnson,

Marketing Director

(925) 953-1736