M&M's Mandel, Everett Negotiate Sale Of West Palm Office Park

Marcus & Millichap announced the sale of Plaza 1551, a 39,899-square foot, five-building, multi-tenant office park located in West Palm Beach.
The asset sold for $4,000,000.
Douglas K. Mandel, a senior vice president investments, and C. Todd Everett, a senior associate, in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a private investor from Red Bank, NJ.  The buyer, a limited liability company from Coral Gables, was also secured and represented by Mandel and Everett.
 

“This was an excellent opportunity to acquire a stabilized, multi-tenant office investment in the Palm Beach Lakes corridor of West Palm Beach.  With the tightening supply of quality office product in the downtown submarket, Palm Beach Lakes Blvd is seeing significant positive absorption. The buyers recognized the value and ability to push rental rates.  In addition, the site is zoned OC (office commercial) allowing for high-density multi-family, commercial or hospitality redevelopment opportunities,” says Mandel.

The property consists of a five-building, multi-tenant office campus situated on a 3.7-acre, lakefront lot. The property is situated in the east Palm Beach Lakes office micro-market, at 1551 Forum Place, just minutes from downtown West Palm Beach.
 

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