NGKF Capital Markets announces the sale of the Hancock Center, a 96,646-square-foot Class A property in Panama City, FL. Michael Lapointe and Scott Gordon with the Miami Capital Markets group along with Senior Managing Director Scott Ford represented the seller in the transaction. The property was bought by Royal American Development Inc. for $6.6 million.
The Hancock Center is one of the only Class A office towers within the submarket. The building is currently 64.1% leased with current building tenants including Merrill Lynch, Hancock Bank, TGI Friday’s and IAP. The asset is being delivered free of any debt. Three new leases were negotiated during the sale process, adding additional value for the new owner and yielding the optimal price and terms for the seller.
“The property is one of few Class A office assets within the submarket,” said Lapointe, “The building has an excellent base tenant roster with value add potential for new ownership.”
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 14,100 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit http://www.bgcpartners.com/.