MIAMI—In a rare Fort Lauderdale REO commercial real estate deal, The Commons Office Portfolio has a new owner. Wells Fargo disposed of the office buildings to an undisclosed buyer for $12.55 million.
Douglas K. Mandel, a vice president investments in Marcus & Millichap‘s Fort Lauderdale office, represented Wells Fargo. Mandel and Benjamin H. Silver, a senior associate in M&M’s Miami office, represented the buyer.
The Commons Office Portfolio is a three-property executive office suites portfolio of four office buildings spanning 198,000 square feet. The properties are: Wellington Commons, a 92,000-square-foot asset in Lake Worth, FL; Vista Park Commons, a 60,427-square-foot asset in West Palm Beach, FL; and Stuart Commons, a 46,000-square-foot asset in Stuart, FL.
“The Commons were designed and developed specifically as executive suite office buildings and provide a host of amenities specific to this type of use,” says Mandel. “Due to the low cost of ownership, a discount to replacement cost and an unparalleled amenity base, the portfolio offers tremendous upside potential.”
Developed by the Crexent Business Centers in 2007, the properties fit into the alternative workspace trend. The executive office suites feature full-time receptionists, furnished office suites, telecommunications, high-speed Internet, daytime personalized answering service, personal mail delivery, free on-site notary, complimentary coffee and beverage centers, meeting/conference rooms and virtual offices. Each facility also offers use of a private gym with lockers and showers, and free parking.