PALM BEACH—Brokers are calling it a rare deal. A 55,746-square foot industrial flex showroom building in Boca Raton, FL just traded for $5.38 million.
Located at 1000 Clint Moore Road, Polo Commerce Center is a multi-tenant asset. The sale price totals $96 per square foot. So what makes it so rare?
“Interest in industrial properties throughout South Florida has been very strong and as a result, highly competitive,” says Douglas K. Mandel, a first vice president investments at Marcus & Millichap that represented the seller. “The Polo Commerce Center offered a rare opportunity to acquire stabilized multi-tenant industrial product in Boca Raton, a market with limited supply.”
Polo Commerce Center spans two buildings. The property is 91% occupied with over half of the tenants taking up space there for at least 10 years.
The seller was a Boca Raton limited liability company. Daniel Greenberg, a director with Marcus & Millichap Capital Corporation, in the firm’s Fort Lauderdale office, worked with Mandel to ink the deal. The buyer’s name was not disclosed.