Thursday, February 26, 2015

$2 Million Sale of 18,000-SF Office Building in Lantana, FL Brokered by Marcus & Millichap


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. 



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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