Boca Office Building Sells For $4.6 Million

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Staff report
A 36,464-square-foot office building located at 3010 North Military Trail sold for $4.6 million last month.
Butters Acquisitions, LLC purchased the newly-renovated building for $4.6 million from Numed Holdings, LLC, an entity managed by Todd Stephens. Stephens was one of 16 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 negotiated the sale of the three-story building.
The building is located on 2.11-acres between Glades Road, Yamato Road and Interstate 95.
“The 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,” Mandel said.
Mandel and Thomas represented both parties in the transaction. The building was vacant at the time of the sale.