Marcus & Millichap Senior Vice President and Institutional Property Advisors (IPA) senior director Douglas K. Mandel negotiated the sale of Park Central One, a 76,135-square-foot multi-tenant, suburban office building located at 1100 Park Central Boulevard South in Pompano Beach.
KEI Properties, LLC purchased the three-story, 1986-built office asset for $5,800,000.
Mandel+Partners represented the seller, SVT Park Central Business Park I, L.P., in the transaction. The deal closed June 8.
“Park Central One has a stable base of tenants with the high demand vacancy, presenting the buyer with an excellent value-add opportunity by way of steady absorption to a fully-stabilized occupancy,” commented Mandel.
Park Central One is building number one of the Park Central Business Park located just west of Interstate 95 and about a quarter of a mile north of Copans Road. The ninety-acre office/flex park is a nearly one million square-foot, master-planned business park consisting of approximately 75,800 square feet of office space, 195,000 square feet of flex space and 712,700 square feet of industrial/warehouse/distribution space. The property sits on nearly seven-and-a-half acres and boasts an excellent parking ratio of 4.25 spaces per 1,000 rentable square feet.
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