Marcus & Millichap Senior Vice President and Institutional Property Advisors (IPA) senior director Douglas K. Mandel, along with Vice President Investments and IPA director Benjamin H. Silver and Associate Richard Niewiadomski negotiated the sale of AT&T Plaza, a 7,920-square-foot retail center located at 411 South Federal Highway in Deerfield Beach, Florida.
411 Deerfield Investments, LLC, which was represented by Howard Bregman, Senior Associate with Marcus & Millichap’s Fort Lauderdale office, purchased the AT&T-anchored shopping center for $2,300,000, or $290 per square foot.
Mandel, Silver and Niewiadomski represented the seller, MALL411, LLC, in the transaction.
Douglas K. Mandel, Benjamin H. Silver and Richard Niewiadomski
The deal closed July 9.
“This was an excellent opportunity to acquire a value-add, multi-tenant strip center along South Federal Highway in Deerfield Beach," commented Niewiadomski. “The buyer, a private investor based out of Boca Raton, recognized the value of the property’s location along a dense retail corridor and in the ability to push rental rates.”
AT&T Plaza is located less than 1 mile south of Hillsboro Commons, a Publix-anchored power center that includes tenants such as LA Fitness, Starbucks, GNC, Office Depot, Chase Bank, CVS, and Tijuana Flats.
About Mandel+Partners: Mandel+Partners, based in Marcus & Millichap’s Fort Lauderdale office, provides the full spectrum of services for investors interested in office, industrial, shopping center, and single-tenant net-leased properties, including acquisition, disposition and operating advisory services. The team’s private and institutional clients benefit from extensive, time-sensitive market knowledge, market-leading underwriting, unrivaled transactional expertise and meticulous, hands-on involvement in all aspects of each and every transaction. Mandel+Partners leverages the power of its sales force, the Marcus & Millichap nationwide network and the entire brokerage community to ensure maximum exposure for each of its listings. For more information, please call 954.245.3465 or visit http://www.mandelpartnerscre.
