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PLANTATION, FL-Mercede Realty Associates, a New York-based limited partnership, has purchased Mercede Executive Office Park, a 135,000-plus-sf mixed-use center here for $15 million.The property, with 125,000 sf of net rentable space, sold for about $111.11 per sf at a nearly 8.3% market capitalization rate. The park consists of three office buildings and four retail buildings.Mercede Executive Park is located on about 8.7 acres at 1802 University Dr. in Broward County. The park was built in two phases in 1978 and 1981, and 7,000 sf was added in 1998. The property underwent major renovations and capital improvements recently. The park was 92% occupied at the time of the sale.

The seller was a locally based investment partnership. Ronald Osborne and Kirk Felici, senior investment specialists in Marcus & Millichap Real Estate Investment Brokerage Co.’s Fort Lauderdale, office and members of the company’s National Office and Industrial Properties Group, represented the seller as well as Mercede Realty Associates in the transaction.

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