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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.
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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.