Marcus & Millichap’s Douglas Mandel, Robbie McEwan & Nicholas Hanson Brokered The Sale
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 Orlando Small-Bay Portfolio, a three-park, 13-building asset comprised of a total of 289,346 square feet.
Miami-based Orlando Industrial 3 RE, LLC,an entity managed by Michael Kramer, purchased Goldenrod CommerCenter, Hanging Moss CommerCenter, and Monroe CommerCenter Southfor $17,500,000.
Hanging Moss CommerCenter and Goldenrod CommerCenter are located in Orlando, at 6148 Hanging Moss Road and 1460 North Goldenrod Road, respectively, and consist of eight grade-level, small-bay warehouse properties totaling 172,846 square feet. Monroe CommerCenter South,which totals 82,665 square feet,is located in the Lake Mary/Sanford submarket within the Orlando MSA at 627-739 Progress Way.
Mandel, McEwan and Hanson represented sellers, Monroe South SPE, LLC; Hanging Moss SPE,LLC and Goldenrod SPE, LLC, as well as the buyer in the transaction.
The deal closed October 5 and comes on the heels of the $9,225,000 sale of Crescent Park, an 82,330-square-foot garden-style flex park located in Riverview, Florida. The trio represented both the buyer, John Navratil, and the seller, Miami-based Adler Group, in the transaction. Mandel, McEwan and Hanson also represented Adler Group in February of this year in the sale of Winter Garden Business Park for $8,550,000.
“Leasing activity for space under 20,000 square feet continues to be in high demand as more tenants are utilizing single-story flex space versus traditional office space, which should prove very profitable for Mr. Kramer,” commented Mandel.
“With its stable cash flow and a purchase price below replacement cost, the portfolio offers a tremendous value-add opportunity,” added McEwan.
Including this deal, Mandel has closed 29 transactions valued at approximately $275 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.
