Marcus & Millichap Senior Vice President and Institutional Property Advisors (IPA) senior director Douglas K. Mandel negotiated the sale of Gulfstream Plaza, a newly-renovated, 82,390-square-foot retail plaza located near West Palm Beach, Florida at 2076 N. Haverhill Road and 4971 Okeechobee Blvd.
ICM VI – WPB I, an entity managed by Atlanta-based ICM Realty Group, sold the 1972-built retail plaza to Rosenberg, LLC for $13,050,000, or $158 per square foot, just over double what it last traded for in 2013.
Mandel represented both parties in the transaction. The deal closed February 26.
“The deal demonstrates the continued strength of the retail market in South Florida as well as the unique dynamics that the West Palm Beach area brings to the table for investors,” commented Mandel.
ICM Realty Group acquired the property for $6.47 million in December 2013, when it was known as Babies R’ Us Plaza. It spent $1.1 million to renovate the property in 2015, installing new roofing and storefronts, resurfacing the parking lot and updating the landscaping. Its tenants now include Gordon Food Service, Goodwill South Florida, H&R Block, 3D Baby Bump, 1/2 Price Mattress, and BankUnited.
About Mandel+Partners: Mandel+Partners, based in Marcus & Millichap’s Fort Lauderdale office, provides the full spectrum of services for investors interested in office, industrial, shopping center, and single-tenant net-leased properties, including acquisition, disposition and operating advisory services. The team’s private and institutional clients benefit from extensive, time-sensitive market knowledge, market-leading underwriting, unrivaled transactional expertise and meticulous, hands-on involvement in all aspects of each and every transaction. Mandel+Partners leverages the power of its sales force, the Marcus & Millichap nationwide network and the entire brokerage community to ensure maximum exposure for each of its listings. For more information, please call 954.245.3465 or visit http://www.mandelpartnerscre.com.
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