Marcus & Millichap Facilitates $9.8 Million Sale of Boca Raton Class A Office Building
FORT LAUDERDALE, Fla., Oct. 12, 2023 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of 3010 Military, a boutique office building in Boca Raton, Florida. The asset sold for $9,800,000.
“The sale of 3010 Military demonstrates the strength and resiliency of office properties in south Florida,” said Douglas Mandel, executive managing director. “Boca Raton has seen tremendous population growth over the past few years and tenant demand for office leasing remains high.”
Mandel, Tyler Kuhlman, and Zachary Levine, investment specialists in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, an entity tied to Malcolm Butters, and secured the buyer, LMP Boca, LLC.
Located at 3010 N. Military Trail, the 30,000-square-foot office building is situated between Yamato Road and Glades Road. The property is 1.5 miles from Interstate 95 and just four miles from the new Brightline station on Palmetto Park Road.
Currently, the building is fully occupied by five tenants. The property features ample parking, with a ratio of six spaces per 1,000 square feet, including 41 covered spaces in a ground-floor garage. In 2016, the building underwent significant upgrades, including modern interior improvements, new doors, and improved building systems. Additionally, the site can accommodate an additional 7,100-square-foot annex building, offering expansion potential.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2022, the company had 1,904 investment sales and financing professionals in 81 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 12,272 transactions in 2022, with a sales volume of approximately $86.3 billion. For additional information, please visit www.MarcusMillichap.com.