Mandel + Partners’ Douglas Mandel and Benjamin Silver Represented The Seller In The Transaction

Marcus & Millichap Senior Vice President and Institutional Property Advisors (IPA) senior director Douglas K. Mandel and Marcus & Millichap Vice President Investments and IPA director Benjamin H. Silver negotiated the sale of Bent Tree Commercial Center, a 52,664-square-foot commercial campus situated on 5.5 acres located at 13926 SW 47th Street in Miami, Florida.

The 1999-built commercial center was purchased for $11,500,000. The deal closed October 14.

Mandel and Silver jointly represented the Seller in the transaction.

The purchase represents an expansion for the new owner, who plans to optimize the center for medical use. The campus-style office park with 8 stand-alone buildings was previously occupied and owned by a for-profit college, which subsequently closed earlier this year.

“While a fully vacant office park would typically be a challenging property to sell, it was an attribute, in this scenario, due to the extreme scarcity of available space in Kendall, as well as the property’s unparalleled parking ratio of more than 7 spaces per 1,000 square feet,” Silver commented. “As anticipated by the brokers and owners, the asset received a lot of attention and ultimately went into contract at more than $200 per square foot and closed in just over 3 weeks,” he added.

“The commercial center provided the new owners with the ideal opportunity to expand their medical related business and draw patients from the densely populated surrounding area,” added Mandel.

Including this deal, Mandel+Partners has closed 32 transactions this year, valued at approximately $311 million.

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.com.