Butters Construction Secures Approval For Tamarac Industrial Project
Coast Logistics will replace a former real estate education facility on North Hiatus Road.
Coast Logistics will replace a former real estate education facility on North Hiatus Road.
The project will include more than 120,000 square feet of Class A office space, along with over 11,000 square feet of ground-floor retail.
The transaction marks the first partnership between the two firms.
The building sold for $15.3 million.
Douglas Mandel, Tyler Kuhlman, and Zachary Levine, investment specialists in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, an entity tied to Malcolm Butters, and secured the buyer, LMP Boca, LLC.
A 32-year commercial real estate development veteran, Butters is regarded as one of the most active and innovative developers in the state and a pioneer in elevating the architectural standards for commercial buildings.
The firm, led by CEO Malcolm Butters, has been involved in developing industrial projects totaling 5 million square feet with a value of over $1 billion.
Scott O’Donnell, Mike Ciadella, Greg Miller, Dominic Montazemi, Miguel Alcivar, Jason Hochman, and Ron Granite of Cushman & Wakefield represented the seller in the transaction.
Construction of Midtown Place at Boca Raton will launch in early 2023, delivering the first major ground-up development of a multi-tenant Class A+ office building to the city in more than a decade. Butters expects to deliver the five-story, $70 million-plus office building by mid-2024.
The partnership plans to develop a 200,000 square foot industrial building on the 12.5-acre site.
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