“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.
Drew Kristol and Kirk Olson exclusively marketed the property on behalf of the seller.
The property consists of 29,331 square feet of retail space and a 35,000-square-foot self-storage facility with 419 units.
Alex Zylberglait and Michael Crocchiola, investment specialists in Marcus & Millichap’s Miami office, exclusively marketed the property on behalf of the seller.
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.
Jonathan De La Rosa, senior managing director of investments in Marcus & Millichap’s Miami office, procured the buyer in the transaction.
Alan Lipsky and Barry Wolfe of Marcus & Millichap represented PEBB and Banyan in the transactions.
Alex Zylberglait and Michael Crocchiola, investment specialists in Marcus & Millichap’s Miami office, exclusively marketed the property on behalf of the seller and procured the buyer.
Ryan Shaw, Drew Kristol and Kirk Olson, investment specialists in Marcus & Millichap’s Miami office, represented the buyer, a private investor, in the transaction.
The building sold for $15.3 million.
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