Florida mixed-use complex gains new ownership

Marcus & Millichap negotiated the sale of the Mercede Executive Office Park, a 135,000-plus-square-foot mixed-use retail/office center in Plantation, Fla.

The value of the transaction was $15 million.

A locally based investment partnership sold the property to Mercede Realty Associates, a New York-based limited partnership.

Mercede Executive Park is located at 1802 University Drive. The property comprises three office and four retail buildings on approximately 8.7 acres.

The center was constructed in two phases in 1978 and 1981 with an addition of 7,000 square feet in 1998. The property recently underwent substantial renovations and capital improvements. Occupancy was 92 percent at the time of sale.

Encino, Calif.-based Marcus & Millichap is a commercial real estate brokerage.

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