Marcus & Millichap Sells The courtyard office building in Boca Raton, FL for $6.25 million

BOCA RATON, FL, April 11, 2012 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of The Courtyard Office Building (top left photo), a 71,820-square foot office building in Boca Raton, according to Gregory Matus, Vice President/Regional Manager of the Ft Lauderdale office.

The asset commanded a sales price of $6,250,000 or $87 per square foot.

Vice President Investments Douglas K. Mandel (middle right photo) in the firm’s Ft. Lauderdale office and Senior Associate Benjamin Silver (lower left photo) in the Miami office had the exclusive listing to market the property on behalf of the seller, a Boca Raton-based partnership. 

The buyer, a local investor was able to secure financing and close quickly due to the tight timeframes associated with a 1031-exchange.  The buyer has plans to upgrade the building aesthetics and mechanics, which is expected to increase occupancy rates and help to re-establish the building as a landmark destination for its tenants.

“The property is currently 42 percent occupied with below market rents, providing strong upside potential. The local leasing market is averaging occupancy rates of 87 percent and average lease rate of $25.57 per square foot,” says Mandel.

The Courtyard is a 70,000-square foot, four-story office building located at 5301 North Federal Highway, across from the Boca Raton Yacht Club (lower right photo).  The main feature of the property is the four-story Atrium with several water features including waterfalls, ponds, streams, tropical foliage, two glass elevators, restaurant and underground parking.

Press Contact: Ashley Steele, (954) 245-3400

Crossman & Co. closes on $750,000 Sale of Satellite Beach, FL Office Building;

  

ORLANDO, FL. --- Crossman & Company in Orlando recently closed on the sale of a 5,826 square foot freestanding office building at 1300 Highway A1A in Satellite Beach and the firm’s President John Crossman said the sale may be the first of several the company will broker over the next 12 months.

Crossman & Company Director Whitaker Leonhardt (top right photo) negotiated the $750,000 sale price for the property representing an undisclosed seller.

Grace Upon Grace LLC, a Brevard-based business, acquired the building.

Leonhardt said he expects to see an increase in sales of office and retail properties in Brevard County.

“Brevard County is home to several investors and business leaders who know the market intimately and who are currently seeking commercial real estate acquisitions,” Leonhardt said.

“We see this as a strong sign that the Brevard economy is recovering and we expect to see an increase in property transactions for the next three quarters,” he said.

For more information, contact

John Crossman, CCIM, President, Crossman & Company, 407-581-6218, jcrossman@crossmanco.com;

Larry Vershel or Beth Payan,  Larry Vershel Communications, 407-644-4142, lvershelco@aol.com.