JM Real Estate, Inc., is proud to announce the sale of Suntree Office Tower located in Melbourne at 6905 North Wickham Road formerly known as “The Mercedes Homes Building.” Suntree Office Tower is a class “A” 5-story office tower totaling 74,790 square feet. The property was 93% leased at the time of the sale. The sales price was $9,800,000.
Suntree Office Tower was originally developed by Mercedes Homes as a single tenant building to house their corporate headquarters. It was built during the peak of the market in 2006 and when the credit crisis and recession hit, Mercedes folded, and the property became mostly vacant. It then struggled for a few years in limbo and in 2013 was purchased by Real Capital Solutions, headquartered in Colorado. JM Real Estate was hired to manage and lease the asset shortly thereafter. JM then completed the task of transitioning the building from single tenant to multi-tenant and leased-up the vacant units. The process of leasing approximately 34,000 sq.ft. of vacant space took a little over 2 years.
Upon stabilization, the goal was to sell. JM worked with a current client (investor) to purchase the asset. “We were able to put the buyer and the seller together without ever taking it to the open market”, says Jewel McDonald, President and Broker of JM, who acted as a transaction broker. JM’s office had three other similar deals in the last year putting buyers and sellers together when the owner did not want to openly market their properties for sale. We have been very successful working with existing clients who own other commercial real estate assets in the area that we manage/lease on their behalf. Our clients have a vested interest in Brevard, and many of those investors look for additional investment opportunities in the same market.
“This particular transaction is a career high as a commercial real estate broker”, said Ms. McDonald. “To be able to take a property that is underperforming, lease it up, have it become a stabilized income producing property, and then sell it as a valuable real estate asset… well, that’s what our job is all about and that’s what we strive to do. It’s very rewarding to see such a beautiful property making money, fully occupied, and thriving.”
JM Real Estate, Inc., is a full service commercial property management, leasing, sales, and investment acquisition company specializing in multi-tenant office, medical office, retail, and industrial properties located in Brevard County from Titusville to Palm Bay.
For more information about JM Real Estate, Inc., contact Jewel McDonald at (321) 242-2882 x 205. You can also visit our web-site at www.JMRealEstate.com. JM welcomes new business opportunities.