Douglas K. Mandel, a first vice president investments of Marcus & Millichap, negotiated the sale of nine investment real estate properties across Florida within the third quarter.
In all, Mandel and his team represented various entities in the disposition of approximately $85 million in retail and office assets.
“Motivated by strong demand and high property values, many property owners are bringing assets to market and as a result transaction velocity in Florida has risen sharply,” says Mandel. “Improving operations and heightened investor demand are pushing property values above the previous high point, giving owners who were able to hold on to assets purchased prior to the recession the opportunity to realize profits.”
Among the largest sales in the third quarter included the following, all of which closed in separate transactions:
- Santona Corner, a 37,130-square foot shopping center in Coral Gables, for $17,400,000
- Linton International Plaza, an 85,383-square foot shopping center in Delray Beach, for $15,300,000
- Plaza Del Mar, a 32,079-square foot shopping center in Fort Lauderdale, for $13,800,000
- Addison Court Shoppes, a 20,860-square foot shopping center in Boca Raton, for $11,075,000
- 21/22 Center, a 74,461-square foot office building with ground floor retail along Coral Way in Miami, closed for $13,000,000
- Chase Bank, a 20,603-square foot office building on Miami Beach for $8,000,000
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