A 36,464 sqf office building located Boca Raton, Florida has changed hands in a $4.6 million transaction by Butters Acquisitions. The three-story building, located at 3010 North Military Trail,sits on a 2.11-acre site between Glades Road, Yamato Road and Interstate 95. The newly-renovated building was sold by Numed Holdings, LLC,an entity managed by Todd Stephens. Stephens was one of sixteen defendants charged in September in federal court with participating in a massive insurance fraud scheme including pharmaceutical drugs and illegal kickbacks, according to U.S. officials. Marcus & Millichap Senior Vice President and Institutional Property Advisors (IPA) Senior Director Douglas K. Mandel, along with National Office and Industrial Properties Group Associate Timothy P. Thomas represented both parties in the transaction.
āThe 3010 North Military Trail property provides Butters Acquisitions LLC with a unique opportunity to own a prospective corporate headquarter facility or a value-add investment within one of the most dynamic and resilient submarkets in South Florida, at a price well-below replacement cost,ā commented Mandel.
