Marcus & Millichap Senior Vice President and Institutional Property Advisors (IPA) Senior Director Douglas K. Mandel, along with National Office and Industrial Properties Group Associate Timothy P. Thomas negotiated the sale of 3010 North Military Trail, a 36,464-square-foot office building located in the affluent and thriving heart of Boca Raton, Florida.
Butters Acquisitions, LLC purchased the newly-renovated building for $4,600,000 from Numed Holdings, LLC, an entity managed by Todd Stephens. Stephens was one of sixteen defendants charged in September in federal court with participating in a massive insurance fraud scheme including pharmaceutical drugs and illegal kickbacks, according to U.S. officials.
“The 3010 North Military Trail property provides Butters Acquisitions LLC with a unique opportunity to own a prospective corporate headquarter facility or a value-add investment within one of the most dynamic and resilient submarkets in South Florida, at a price well-below replacement cost,” commented Mandel.
The three-story building, situated on a 2.11-acre site between Glades Road, Yamato Road and Interstate 95 (I-95), was vacant at the time of the sale.
Mandel and Thomas represented both parties in the transaction.
The deal, which was finalized November 4, brings Mandel+Partners’ number of closed transactions this year to 33 valued at more than $315 million.
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