Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of TBC Headquarters, a single-tenant office building located in Palm Beach Gardens, Florida. The property traded for $15.5 million or $348 per square-foot.
“This three-story office building, consisting of 44,415 rentable square feet, is strategically located on PGA Boulevard, with convenient access to Interstate 95 and within PGA Station, a diverse, upscale mixed-use development,” said Douglas K. Mandel, IPA executive managing director investments. “TBC Headquarters is surrounded by an abundance of premier lifestyle amenities and an affluent, educated workforce, in the high barrier-to-entry Palm Beach market.” Mandel, IPA’s Tyler Kuhlman and Zachary Levine represented the seller, L. Hudson Myer Properties LLC.
“TBC, the parent company of Tire Kingdom, Midas and several other national automobile companies, is currently net-leased to the asset through November 2024, when they are expected to vacate upon the expiration of their term,” added Mandel. “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.”
About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com
