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.
Miami Herbert has partnered with Project Destined to award two full scholarships funded in part by its Real Estate Advisory Board to Project Destined students, an effort spearheaded by Manny de Zarraga, Executive Managing Director, Investment Sales Advisory Platform Leader with JLL; Malcolm Butters, CEO of Butters; and Jackie Mansfield, principal developer at Tricap.
Adam J. Tiktin, president and broker of TREIS, represented both the Buyer and Seller in the transaction.
Upon completion, the project will comprise up to 2.5 million square feet of logistics space spread over as many as 13 buildings.
The two received checks for $11,700 as winners of the Malcolm Butters Real Estate Scholarship Award. CLICK ON THE HEADLINE FOR MORE