High Real Estate Values Prompt Owners to Sell Now

"Who can tell when the market will top out?," Paul Schneider of the Fort Lauderdale office of Marcus & Millichap asks rhetorically in explaining why his client, Palm Beach Gardens Office Advisors Inc., a South Florida investor, has put the office park on the market. "Values are at a high level now, not just in Palm Beach Gardens, but throughout South Florida, and buyers can still get excellent financing on loans. Owners are looking to sell now instead of betting on an uncertain future," he tells GlobeSt.com.

Furthermore, this office complex, currently 99% leased, is near the Scripps property in Palm Beach, which is projected to create hundreds of jobs over the next decade. The asking price for the nearly identical two buildings, which were constructed in 1983, is $12.6 million or $186 per sf. Marc Strauss of the same Marcus & Millichap office is working with Schneider in marketing the property.

Grant Savage of the Miami office of Grubb & Ellis also tells GlobeSt.com "market timing" is what prompted PPP LLC, which he describes as "a group of investors," to put Plantation Professional Park up for sale. He and colleague Brian DiRienzo are marketing the complex for an asking price of $8.5 million. The complex, located on nearly 7.9 acres at 6710-6834 W. Sunrise Blvd. was built in 1989 and is 81% leased, "primarily to medical tenants on long-term leases," he says. One excess acre within the park is zoned for future development of up to 18,000 sf. "A lot of companies are moving into Western Broward," Savage says, "so this is an opportune time for both the seller and potential buyers."