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| Douglas K. Mandel |
LANTANA, FL, Feb.
26, 2015 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate
investment services firm with offices throughout the United States and Canada,
today announced the sale of Core Corporate Center, an 18,062-square
foot, three-story, class-B, freestanding professional office building located
in Lantana, Fla.
The asset sold for $2,000,000.
C. Todd Everett, a director in the firm’s national
office and industrial properties group, and Douglas K, Mandel, a first
vice president investments, both in Marcus & Millichap’s Fort Lauderdale
office, represented the seller, a limited liability company from Lantana, Fla.
The buyer, who was in a 1031 Exchange, is a limited liability company from
Amherst, NY.
“When available and well-priced, Palm Beach County mid-tier
office buildings with a value-add component attract significant interest.
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| C. Todd Everett |
"This
was an excellent opportunity for an investor to acquire a professional office
building with outstanding visibility and high upside potential,” says
Everett.
“At 70 percent occupancy, the property has immediate cash
flow and upside from lease-up as well as increasing the current market rents of
some tenants.”
The building was constructed in 1983, renovated in 2011 and
sits on approximately 1.17 acres.
Located at 1177 Hypoluxo Road, the property
is situated along a prominent east/west commercial artery less than a mile east
of the Interstate 95 interchange and less than a mile west of US Highway 1.
For a complete
copy of the company’s news release, please contact:
Ryan Nee
Regional Manager
Fort Lauderdale, FL
(954) 245-3400
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