Press Releases
Marcus & Millichap Facilitates $15.675 Million Sale of Two Boca Raton Office Buildings
June 13, 2024
BOCA RATON, Fla., June 13, 2024 – 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 two office buildings in Boca Raton. Branded as The Greenhouse, the buildings are located at 5255 and 5301 North Federal Highway in Boca Raton, Florida. The assets sold for a combined $15,675,000.
“The transaction of these office buildings demonstrates the continued strength of the office market and investor demand for office buildings in South Florida,” said Douglas Mandel, executive managing director investments. “Boca Raton has witnessed significant population growth in recent years, and the demand for leasing space remains strong,” continued Mandel.
Mandel and Zach Levine, investment specialists in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, Wigder Investment Group, and procured the buyer, Bark Management.
Located at 5255 and 5301 N. Federal Highway, the multi-story buildings comprise approximately 93,000 square feet and sit on approximately 5-acres at the corner of North Federal Highway (US-1) and Yamato Road, near the Interstate-95 interchange. The Greenhouse brand aims to provide start-up businesses with flexible, turnkey space at affordable prices.
The properties include private offices ranging from individual suites to multi-office suites, spanning from 150 to 5,000 square feet. They are currently 96% occupied. The buildings feature a café, lobby, conference rooms, on-site property management and ample parking. The Greenhouse caters to Boca Raton’s growing start-up industry and is situated in the heart of growth and rejuvenation in the immediate area, including the newly opened Brightline station.
“The transaction of these office buildings demonstrates the continued strength of the office market and investor demand for office buildings in South Florida,” said Douglas Mandel, executive managing director investments. “Boca Raton has witnessed significant population growth in recent years, and the demand for leasing space remains strong,” continued Mandel.
Mandel and Zach Levine, investment specialists in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, Wigder Investment Group, and procured the buyer, Bark Management.
Located at 5255 and 5301 N. Federal Highway, the multi-story buildings comprise approximately 93,000 square feet and sit on approximately 5-acres at the corner of North Federal Highway (US-1) and Yamato Road, near the Interstate-95 interchange. The Greenhouse brand aims to provide start-up businesses with flexible, turnkey space at affordable prices.
The properties include private offices ranging from individual suites to multi-office suites, spanning from 150 to 5,000 square feet. They are currently 96% occupied. The buildings feature a café, lobby, conference rooms, on-site property management and ample parking. The Greenhouse caters to Boca Raton’s growing start-up industry and is situated in the heart of growth and rejuvenation in the immediate area, including the newly opened Brightline station.
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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, 2024, the company had 1,712 investment sales and financing professionals in over 80 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 7,836 transactions in 2024, with a sales volume of approximately $49.6 billion. For additional information, please visit www.MarcusMillichap.com.
