Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of 22,441 square feet of a flex condominium park within Woodlake Commerce Park in Palm Bay, Florida. The deal traded for $4,430,000 and was a majority ownership interest sale.
“Receiving multiple competitive offers despite this being a condo sale is a great reflection of the strong and steady demand for this product type,” said David Vaughan, first vice president investments. “With long-standing tenants on fresh five-year triple-net leases, this will be a great addition to the buyer’s portfolio for years to come.”
Vaughan, Ray Turchi, and Quint Schenck, investment specialists in Marcus & Millichap’s Orlando office, had the exclusive listing to market the property on behalf of the seller. The buyers, foreign investors looking to expand their U.S. holdings, were procured by Alejandro Silbestein of Resma LLC.
Woodlake Commerce Park Condos are located at 2300 and 2320 Commerce Park Drive NE. The property is conveniently accessible from U.S. Highway 1 and Interstate 95. AAA Test Lab and WBParts, both wholly owned subsidiaries of USBid Inc., occupy the spaces.
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, 2022, the company had 1,904 investment sales and financing professionals in 81 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 12,272 transactions in 2022, with a sales volume of approximately $86.3 billion. For additional information, please visit www.MarcusMillichap.com.
