Dealmaker: Institutional Property Advisors Completes $16M Florida Office Sale

Institutional Property Advisors, Ontario, Calif., sold TBC Headquarters, a single-tenant office building in Palm Beach Gardens, Fla., for $15.5 million or $348 per square foot.

IPA Executive Managing Director of Investments Douglas Mandel, Senior Managing Director Tyler Kuhlman and Associate Zachary Levine represented seller L. Hudson Myer Properties LLC, Aventura, Fla.

The three-story office building totals 44,415 rentable square feet on PGA Boulevard within upscale mixed-use development PGA Station.

TBC, parent company of Tire Kingdom, Midas and several other automobile companies, net-leases the asset through late 2024, when it plans to vacate.

“This aspect of the deal created a competitive sales process as prospective buyers acknowledged the unique opportunity to acquire a gradually increasing asset and the added ability to source a new tenant in a highly desirable market,” Mandel said.