A three-building office portfolio in Fort Lauderdale, Fla., fetched $22.2 million in a recent sale. Mizzen LLC acquired the 207,737 sq. ft. Broward Office Flex Portfolio from seller Jamie Danburg.
“The Broward Office Flex Portfolio offered the buyer the opportunity to acquire approximately 20% of the competing office flex space with this central, infill suburban office market,” says Douglas K. Mandel, an associate vice president of investments at Marcus & Millichap. “Continued population and business growth in the market, as well as economic recovery and land constraints, will increase demand for these office properties,” says Mandel, who is associate director of Marcus & Millichap’s National Office and Industrial Properties Group (NOIPG) in Fort Lauderdale.
Marcus & Millichap represented both parties in the deal. In addition to Mandel, the seller’s representatives included Ben Holzhauer, a senior associate and member of the firm’s NOIPG in Fort Lauderdale; Richard Matricaria, a vice president of investments in the firm’s Fort Lauderdale office; and Adam Tiktin, a vice president of investments and NOIPG director in Miami.
The portfolio includes three sites on approximately 17 acres and includes an office, showroom and warehouse space.