Marcus & Millichap’s Mandel, Everett Negotiate Sale Of 94,000 SF Office Center

Marcus & Millichap’s Douglas K. Mandel (pictured left), Senior Vice President Investments, and C. Todd Everett (pictured below right), SIOR, Director, C Todd EverettNOIPG, recently completed the sale of Chase Bank Professional Center, a professional center located 2601 10th Avenue North, in Lake Worth.
10th Avenue Partnership Ltd., an entity managed by John Hoecker, purchased the asset for $6,900,000 from Health Care District of PBC. The 94,222-square-foot facility is situated on 8.83 acres.
Chase Bank Professional CenterMandel negotiated the sale of the building in December 2009, when Health Care District of PBC purchased the asset for 5,790,000.
The building was constructed in 1977 as the headquarters for First Fidelity Savings & Loan of Lake Worth. In 1998, the property was purchased by Washington Mutual Bank to be used as their southeastern headquarters. In 2008, the FDIC sold the banking subsidiaries of Washington Mutual to JPMorgan Chase, who now operates the banking branch at this location. The Property was last sold in 2009 to the Health Care District of Palm Beach County which has used the majority of the building as its district headquarters.
 

“Our experience with lease fundamentals was instrumental in structuring a sale-leaseback scenario that was mutually beneficial to both sides, resulting in a high probability to close and overall smooth transaction,” commented Mandel.

The deal closed November 8.
Including this deal, Mandel has closed more than $23 million in sales since September including the sale of the 20,556-square-foot  University Medical Arts Building, located at 7431 N University Drive in Tamarac, which sold for $4,700,000 on October 9,.as well as, together with Everett, the sale of Plaza 1551, a 39,899-square foot, five-building, multi-tenant office park at 1551 Forum Place in West Palm Beach. Plaza 1551 sold for $3,980,000 on September 8.

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