Schmier & Feurring Properties of Boca Raton is the new owner of the building which is fully-leased to five tenants on long-term contracts. The $157-per-sf sale price of the 791 Building compares with the $60-per-sf price of the nearby vacant Sensormatic structure two months ago.
"The difference is the value of a building fully leased to good to excellent credit tenants in long-term leases," A. Mack Gaither, senior investment consultant, RJS Realty Group Inc., West Palm Beach, FL, tells GlobeSt.com.
Gaither and Joe Nahas, senior vice president, Aegis Realty Consultants, Philadelphia, negotiated for Berwind as exclusive agents and were the sole brokers in the transaction. Gaither also represented Berwind in the acquisition of the property in 1998.
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