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| Plaza 1551 Office Park, West Palm Beach, FL |
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| Douglas K. Mandel |
WEST PALM BEACH, FL – 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 Plaza 1551, a 39,899-square foot, five-building, multi-tenant
office park located in West Palm Beach, Fla. The asset sold for $4,000,000.
Douglas K. Mandel, a senior vice president investments, and C. Todd Everett, a senior associate, in Marcus & Millichap’s
Fort Lauderdale office, had the exclusive listing to market the property on
behalf of the seller, a private investor from Red Bank, NJ.
The buyer, a limited liability company from
Coral Gables, Fla., was also secured and represented by Mandel and Everett.
“This was an excellent
opportunity to acquire a stabilized, multi-tenant office investment in the Palm
Beach Lakes corridor of West Palm Beach.
"With the tightening supply of quality office product in the downtown
submarket, Palm Beach Lakes Blvd is seeing significant positive absorption. The
buyers recognized the value and ability to push rental rates.
"In addition, the site is zoned OC (office commercial)
allowing for high-density multi-family, commercial or hospitality redevelopment
opportunities,” says Mandel.
The property consists of a
five-building, multi-tenant office campus situated on a 3.7-acre, lake-front
lot. The property is situated in the east Palm Beach Lakes office micro-market,
at 1551 Forum Place, just minutes from downtown West Palm Beach.
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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