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| Douglas K. Mandel |
WEST PALM BEACH, FL, July
19, 2017 – 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 Towers at
1601 Belvedere, a 101,730 rentable-square-foot office property located in
the Airport Micro-Market of West Palm Beach, FL, according to Ryan Nee, Vice
President / Regional Manager of the firm’s Fort Lauderdale office.
The asset sold for $7,500,000.
This was the second time
around for Douglas K. Mandel, Senior
Managing Director Investments, and C.
Todd Everett, SIOR, Director in the National Office and Industrial
Properties Group, as they marketed the property for sale in 2013 for the
previous owner.
“Although the market
timing was not in our favor back in 2013, we have always believed in the
opportunity for an investor to re-position this asset and we were determined to
see it through” stated Mandel.
Mandel and Everett, both
in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing
to market the property on behalf of the seller, a limited liability company.
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| C. Todd Everett |
The team of Mandel and
Everett has been very active in the West Palm Beach market having sold multiple
suburban office buildings including the recent sale of Northpoint Corporate
Center, a 100,000 square foot class “A” office building located within the
Northpoint Corporate Park, as well as three iconic assets on Clematis Street in
the heart of downtown and are currently marketing the 100,000 square foot
premier Gold Leed Certified office building EcoPlex, also located within the
Airport Micro-Market.
Additionally, Mandel and
Everett are closing this week on a 207,000-square foot office building in Boca
Raton, FL.
“There continues to be a
strong appetite for high quality assets in good locations. With supply
constraints and limited new development on the horizon, we remain bullish on
the suburban office outlook for Palm Beach County” added Everett.
Towers at 1601 Belvedere consists
of two, five-story, multi-tenant office buildings, each comprised of
approximately 51,000 rentable square feet. The property is connected by a
shared atrium/lobby with an Embassy Suites Hotel.
The Property is located at
1601 Belvedere Road in West Palm Beach, FL.
For a complete copy of the company’s news release,
please contact:
Ryan Nee
Vice President / Regional
Manager, Fort Lauderdale
(954) 245-3400
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