12/13/2007

Marcus & Millichap completes three deals worth $20.3M

by

Congress Center North

Mr. Holzauer

Marcus & Millichap recently completed the sale of a shopping center and multi-family property in California, and an office building in Florida; three deals worth $20.38 million.

In the first deal, Ben Holzauer, Douglas Mandel and Adam Tiktin represented the buyer, Congress Center North, LLC in the $7.17 million purchase of Congress Center North from Beacon Office Associates.

The 40,285 square foot office building in West Palm Beach, Fla., is located at 4400 North Congress Ave. The recently renovated two-story property is currently home to Kimley Horn, a national engineering consulting firm. The buyer plans to re-tenant the building with a second anchor tenant, according to Holzhauer.

Alex Garcia, an investment specialist in M&M's Ontario office, represented a California-based investment group in the $11.3 million sale of the Desert Heights Apartments in Barstow.

Built in 1989, the 138-unit complex is located at 1801 E. Rimrock Rd. and sold for $98 per square foot. It contains 34 one-bedroom and 104 two-bedroom units.

In the third transaction, Chuck Shillington represented both the buyer and the seller, a California-based investment group, in the $1.91 million sale of the Highland Civic Center Plaza in Highland, Calif. Located at 27194 Baseline St., the new shopping center contains 8,257 square feet and sold for $232 per square foot.

Address: Congress Center North at 4400 North Congress Ave., West Palm Beach, Fla.
- Desert Heights at 1801 East Rimrock Rd., Barstow, Calif.
- Highland Civic Center Plaza at 27194 Baseline St., Highland, Calif.

Size: 141,173 square feet

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Filed Under: Mixed Use

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