Marcus & Millichap Senior Vice President and Institutional Property Advisors (IPA) senior director Douglas K. Mandel, with Marcus & Millichap’s Fort Lauderdale office, along with Senior Associate Robbie McEwan and Industrial and Office Investment Associate Nicholas Hanson, both with Marcus & Millichap’s Orlando office, negotiated the sale of Crescent Park, a 82,330-square-foot garden-style flex park located at 3905 and 4015-4037 Crescent Park Drive in Riverview, FL, just east of Tampa.
John Navratil purchased the 2007-built, 2-building center for $9,225,000, or approximately $112 per square foot, from City National Bank of Florida, as Trustee under provisions of a certain Land Trust Agreement, dated March 27, 2008 known as Trust No. 2401-3081-00.
Douglas K. Mandel, Robbie McEwan and Nicholas Hanson
Mandel, McEwan and Hanson represented both the buyer and seller, Miami-based Adler Group, in the transaction. The deal closed September 20th and represents the second transaction in 2016 where the trio has represented the South Florida Investment Group, including the sale of Winter Garden Business Park in February of this year for $8,550,000 or $93 per square foot.
“Crescent Park provides Mr. Navratil with two fully-stabilized, newly-constructed flex buildings with long-term credit tenancy and a strong return on his investment,” commented Mandel.
Crescent Park consists of two office/flex buildings spanning across 9.25 acres at the intersection of US Highway 301 and Interstate 75, just minutes from the Port of Tampa. Building I comprises 28,880 square feet and is occupied by Cardno Entrix, a publicly-traded company on the Australian Securities Exchange, with a base term expiring in April 2023 and over 87 percent of office build-out. Building II comprises approximately 53,450 square feet and is currently 100 percent occupied by eight tenants. The second largest tenant, ReceptRx, has a base lease term expiring in March of 2023, which, along with Cardno Entrix, results in over 51 percent of the occupancy of the park running through 2023.
Including this deal, Mandel has closed 28 transactions valued at approximately $262 million in sales this year.
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.
