“The building was 84% leased at the time of sale, and with approximately 40% of the rentable square footage set to roll over in the next four years, new ownership has a compelling opportunity to drive significant net-operating income growth over the next decade,” said Douglas Mandel, IPA executive managing director investments.
Built in 1984 and 1985 on 5.5 acres, the Deerfield Financial Centre comprises 60 office suites ranging in size from 120 square feet to over 4,750 square feet.
The building sold for $15.3 million.
The asset traded for $21.5 million.
IPA’s Kirk Olson and Drew A. Kristol represented the seller and procured the buyer.
The two-building, 74,103-square-foot industrial asset sold for $12.4 million.
Marcus & Millichap’s Doug Mandel and Tyler Kuhlman had the exclusive listing to market the portfolio on behalf of the seller and procured the buyer, a Florida-based private investor.
Douglas Mandel, along with Tyler S. Kuhlman and Zachary Levine of Marcus & Millichap, represented the seller in the transaction.
Kirk Olson and Drew A. Kristol represented the seller, an institutional investor with several offices throughout the country and procured the buyer, Benderson Development.
Marcus & Millichap’s Kirk D. Olson and Drew A. Kristol represented the seller, a Miami-based private investor. The buyer, also a Miami-based private investor, was procured by Gordon Messinger, with Cushman & Wakefield. CLICK ON THE HEADLINE FOR MORE
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