The campus consists of an approximately 11,000-sf single-story and an approximately 47,000-sf two-story office building. The two-story building is 100% occupied by Mayors Jewelers and serves as the company's headquarters. The single-story building is 100% occupied by several tenants. The seller was Westpoint Business Park Ltd, an entity of Coconut Creek-based Butters Construction & Development.
CB Richard Ellis senior vice president Scott O'Donnell and senior associate Dominic Montazemi were the sole brokers and exclusively represented the seller. O'Donnell and Montazemi are part of the Private Client Group, a division of the company's Investment Properties Group located in Boca Raton.
O'Donnell tells GlobeSt.com that the seller is diversifying its portfolio throughout the country. It is selling assets in South Florida and buying other assets in other markets. Butters has a joint venture fund with Dallas-based Invesco. "The proceeds from the sale of the assets will seed the fund," O'Donnell says.
O'Donnell adds that one challenge with this transaction was that Mayors Jewelers has just emerged from bankruptcy. "The challenge was finding a buyer that believed Mayors has the strength to honor its long-term lease agreements," he says. "Its lease doesn't expire until 2020."
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