“The building was 84% leased at the time of sale, and with approximately 40% of the rentable square footage set to roll over in the next four years, new ownership has a compelling opportunity to drive significant net-operating income growth over the next decade,” said Douglas Mandel, IPA executive managing director investments.
Firm CEO Jaime Sturgis and COO Kaley Tuning represented the seller in the $5 million transaction, which equates to $650 per square foot.
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Savills Managing Director Michael Wernick, along with Senior Managing Directors Lawrence Epstein and David Browne, represented the tenant in the transaction.
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The Newmark team, led by Senior Managing Director Jeremy Hakala and including Managing Director Matt Himmelsbach and Director Brandon Shores, will lead leasing efforts on behalf of ownership.
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The company will now occupy the entire top floor of 1489 W. Palmetto Park Road, totaling 30,000 square feet.
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