Deerfield Beach, FL – August 11, 2011 – (RealEstateRama) — Yomtob Commercial, LLC recently named CBRE as exclusive advisor for the sale of the IBD Building, a multi-tenant office building totaling 28,726 square feet, located at 3275 Hillsboro Boulevard in Deerfield Beach, Florida.
The recently upgraded asset is 100 percent leased with a diverse rent roll consisting of 17 tenants and offers attractive in-place assumable financing. The property is located at the intersection of Hillsboro and Country Club Boulevards, just east of Powerline Road.
The property is expected to achieve pricing in excess of $150 per square foot which reflects the strong rent roll and stable occupancy.
“Additionally, with very little rollover in the next 18 months, it is one of the rare assets to be sold that is stabilized and does not have any ‘hair’ on it,” says Marty Busekrus, CBRE Senior Associate.
The asking price reflects a 9% cap rate based on the in-place net operating income which is an excellent rate of return given the relative low risk profile of the asset.
Busekrus is joined by Dominic Montazemi and in representing Yomtob Commercial, LLC.
About CB Richard Ellis
CB Richard Ellis Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2010 revenue). The Company has approximately 31,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CB Richard Ellis offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at www.cbre.com.
elizabeth.cross (at) cbre (dot) com
lauren.crawford (at) cbre (dot) com