Marcus & Millichap (NYSE: MMI) announced today that Douglas K. Mandel, senior managing director investments, and Elon Gerberg, associate, of the firm’s Fort Lauderdale office closed the sale of Shoppes of Hillsboro, a 61,465-square foot retail shopping center located in Deerfield Beach. The asset sold for $12,750,000.

Mandel and Gerberg exclusively represented the seller, Dhanya of Miami, Inc and BREF Hillsboro, LLC, which was managed by Malcolm Butters. The team also procured the buyer, a private investor from Hallandale Beach, FL.

Mandel also represented the asset’s previous owner when the center was sold in 2015. “Butters saw an opportunity to improve the center when he purchased it a few years ago, as well as secure some longer-term leases with the tenants,” said Mandel. “He was able to dramatically increase the value of the center in a short period of time due to his ability to properly manage a property,” continued Mandel.

Shoppes of Hillsboro is located at 2201-2265 West Hillsboro Boulevard in Deerfield Beach. Tenants include Bank United, Sage Dental, Optimum Bank and JByrd’s Muddy Waters.

About Marcus & Millichap (NYSE: MMI)

With over 1,700 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 9,000 transactions in 2016 with a value of approximately $42.3 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com