JM Real Estate Transacts $9.8 Million Sale of Suntree Office Tower On Wickham Road
By Space Coast Daily // May 27, 2016
career high transaction for Jewel McDonald
BREVARD COUNTY, FLORIDA – JM Real Estate, Inc. announced 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 percent leased and the sale price was $9.8 million.
Originally developed by Mercedes Homes as a single tenant building to house their corporate headquarters, Suntree Office Tower was built during the peak of the market in 2006.
When the credit crisis and recession hit, Mercedes folded and the property became mostly vacant. It then struggled for a few years and was purchased by Real Capital Solutions in 2013.
JM Real Estate was hired to manage and lease the space in the building, completed the transitioning from single tenant to multi-tenant, and then leased-up the vacant units. The process of leasing approximately 34,000 square feet of space took a little over 2 years.
ABOVE MAP: JM Real Estate, Inc. announced the sale of Suntree Office Tower located in Melbourne at 6905 North Wickham Road, formerly known as “The Mercedes Homes Building.”
Today, the building is flourishing with deals pending to achieve 100 percent occupancy.
Upon stabilization, the goal was to sell and JM worked with an investor to purchase the asset.
“We were able to put the buyer and the seller together without ever taking it to the open market,” said Jewel McDonald, president and broker of JM Real Estate, who acted as a transaction broker.
JM Real Estate’s office had three 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,” said McDonald.
“Our clients have a vested interest in Brevard, and many of those investors look for additional investment opportunities in the same market.
The Suntree Office Tower transaction is a career high as a commercial real estate broker for 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,” said McDonald.
“It’s very rewarding to see such a beautiful property making money, fully occupied, and thriving.”
JM Real Estate is a full service commercial property management, leasing, sales, and investment acquisition company specializing in multi-tenant office, medical office, retail and industrial properties from Titusville to Palm Bay.
For more information about JM Real Estate, log on to JMRealEstate.com or call 321-242-2882, ext. 205.