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| TBC Corp.-Leased Building, Palm Beach Gardens, FL |
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| Britt Raymond |
PALM BEACH
GARDENS, FL, June 11, 2015 – Marcus & Millichap (NYSE: MMI), a leading
commercial real estate investment services firm with offices throughout the
United States and Canada, announced the sale of a three-story office building
in Palm Beach Gardens, Fla. triple-net leased by the TBC Corp.
The building
serves as TBC’s corporate headquarters. The $18 million sales price equates to
$405 per square foot.
Marcus & Millichap Capital Corp. (MMCC) arranged $9.2
million in financing for the purchase.
Preet Sabharwal and Britt Raymond in Marcus & Millichap’s Manhattan office
represented the seller.
Marco Lala and Steven Siegel, also in the firm’s Manhattan office, procured the
buyer.
Christopher Marks in MMCC’s Manhattan office arranged the debt placement,
which was structured with a 10-year fixed term at 4.15 percent on a 25-year
amortization schedule at 51 percent loan-to-value. The loan was nonrecourse
with no prepayment penalty in event of a sale.
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| Preet Sabhaarwal |
“The lease
carries a corporate guarantee from TBC Corp., the wholly owned and largest
subsidiary of Sumitomo Corp., one of Japan’s largest conglomerates,” says
Raymond.
The building
is located off Interstate 95 on PGA Boulevard in Palm Beach Gardens. The area
is home to more than million square feet of office and headquarters space and
tenants such as Merrill Lynch, Walgreens, Fidelity Investments, Huntington
National Bank, and Allstate Corp.
Neighboring retail tenants include Chanel,
MAC, AT&T, Whole Foods, State Farm, Marriott International Inc., Petco, Toys
R Us, and Best Buy.
The
44,415-square-foot building was built in 2007 and renovated to become TBC
Corp.’s headquarters in 2009.
Kirk Felici, first vice president and district
manager in Marcus & Millichap’s Miami office is the firm’s Florida broker
of record.
For a complete copy of the company’s
news release, please contact:
Gina Relva
Public
Relations Manager
(925)
953-1716
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