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| Addison Court Shoppes, Boca Raton, FL |
BOCA RATON, FL – Marcus & Millichap (NYSE: MMI), a
leading commercial real estate investment services firm with offices throughout
the United States and Canada, announced the sale of Addison Court Shoppes,
a 16,860-square-foot shopping center with a Bank of America outparcel, located
in Boca Raton, Fla.
The asset sold for $11,075,000, which equates to $531 per
square foot.
Douglas K. Mandel, a first vice president
investments, and Brian Rosen, a senior associate, both in Marcus &
Millichap’s Fort Lauderdale office, represented the seller, a Boca Raton-based
limited liability company.
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| Brian Rosen |
“This was an opportunity for an investor to purchase a
high-quality and rare Boca Raton asset anchored by Bank of America, Starbucks
and Kee Grill,” says Rosen.
“Healthy economic growth and improving retail market
conditions continue to attract out-of-state and cross-border investors to Palm
Beach County,” adds Mandel. “The resulting increase in competition is most
pronounced for deals in affluent areas like Boca Raton.”
This sale is the fourth Palm Beach County shopping center
Mandel has closed this year.
Previous
sales include Congress Center and HSBC Plaza in Boca Raton and Linton
International Plaza in Delray Beach.
Addison Court Shoppes is a well-maintained
retail strip center with a 4,000-square-foot Bank of America outparcel.
Other
tenants in the center include Starbucks, Offerdahl’s, a salon and a
drycleaners. The property is located at 17940 North Military Trail in Boca
Raton.
For a complete copy
of the company’s news release, please contact:
Gina Relva
Public Relations Manager
Marcus & Millichap
(925) 953-1716
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