Saturday, February 28, 2015

Marcus & Millichap Arranges $1.7 Million Sale of Boca Raton, FL Strip Center

  
Howard Bregman
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 10075 Yamato Road, a 6,500-square foot retail property located in Boca Raton, Fla, according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office.

The asset sold for $1,700,000, equating to $262 per square foot.

Howard Bregman, a senior associate, and Michael Mandel an associate, in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a limited liability company from Springfield, NJ. 

The buyer, a private investor from Boca Raton, Fla, was secured and represented by Derek R. Gibbs and Daniel Cunningham, senior associates, and Tal I. Frydman, a first vice president investments, in Marcus & Millichap’s Fort Lauderdale office. 


Derek R. Gibbs
“This was the perfect opportunity to acquire a stabilized asset with three long-term tenants and little management responsibility in the heart of west Boca Raton. Sherwin Williams recently exercised their first five-year option 13 months early," says Mandel.

The strip center is located at 10075 Yamato Road in Boca Raton and is occupied by Sherwin Williams, Personal Touch Dry Cleaners and Brendy's Yogurt.

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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