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Colliers facilitates the sale of Singer Island Corporate Center for $8.56M

The Colliers South Florida Investment Services Team represented the seller in the sale of the multi-tenant office building on Singer Island

RIVIERA BEACH, FL | October 13, 2022 – Colliers is pleased to announce the sale of Singer Island Corporate Center. The impeccably maintained five-story office building is located at 2655 N Ocean Drive on Singer Island. Director Bastian Laggerbauer and Executive Managing Director Mark M. Rubin represented the seller, R.J. Finlay & Co., in the transaction, which closed on October 13, 2022. Tony Hollis from the Hollis Realty Group represented the buyer, Babak Ebrahimzadeh, in acquiring the multi-tenant office tower.

“With tremendous ocean and Intracoastal views, this sale marks a rare opportunity for an investor to acquire a meticulously maintained office asset on one of South Florida’s coveted barrier islands. We enjoyed working with R.J. Finlay & Co. on the leasing and management of Singer Island Corporate Center for over 7 years with a subsequent successful sale,” said Laggerbauer.

Singer Island Corporate Center is the only competitive office building of quality and scale on the barrier island. The property is situated on a highly visible corner parcel on North Ocean Drive, surrounded by an abundance of luxury condominiums, single-family residences, parks, and the pristine private and public beaches of Singer Island. The 45,198 square-foot office building with dedicated multi-story parking garage sits on 1.7 acres of land while providing strategic positioning and convenience to neighboring counties and flourishing South Florida markets. The property has undergone significant renovations in the last five years, including common area and garage upgrades. 

“Out-of-market investors remain bullish in the South Florida office market,” said Rubin. “This sale reflects their steady pursuit of assets with rent growth potential in the flourishing greater West Palm Beach Submarket.”

The buyer, Babak Ebrahimzadeh, is a private investor and owner of commercial properties in South Florida and New York. In the last three years, Babak Ebrahimzadeh has been involved in acquiring; Delray Retail Plaza, a mixed-use plaza for $30 million, DiVosta Towers, two Class A office towers for $80 million, 800 Brickell, a Class A office tower for $126 million, and a 1.2-acre site for $5.5 million for the development of a 12-story office building in Commerce Pointe Corporate Center. After the acquisition of Singer Island Corporate Center, it is likely Babak will soon further renovate the property to achieve higher occupancy and rents.

The seller, R.J. Finlay & Co., is a full-service real estate and building materials firm whose diverse portfolio spans numerous companies and properties throughout the United States. The firm's mission is to facilitate real estate development, construction, and management by offering a single, unparalleled source for services and materials. Their company portfolio is comprised of industry leaders working seamlessly to deliver excellence by promoting quality, reputation, and craftsmanship.

The City of Riviera Beach is in the Northern Palm Beach County office submarket, it has one of the fastest growing economies in Florida and is known as Florida’s “Prosperity Coast”, where businesses enjoy a high quality of life and a growing economy. Riviera Beach has nearly 450,000 square feet of office product with a vacancy rate of 10%, a 70-basis point decrease year-over-year. The Northern Palm Beach County office submarket is the area’s most prominent office submarket, comprised of 8.1 million square feet of office space across more than 200 buildings. The influx of companies and individuals to the region has pushed rent growth by 29.3% over the last five years; however, it remains an affordable and appealing market for relocation and investment compared to the rest of the county.


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Mark M. Rubin

Executive Managing Director

Boca Raton

I am an Executive Managing Director at Colliers International and senior member of the South Florida Investment Services Team primarily focused on the sales and leasing of commercial properties in South Florida.  For over 30 years I have successfully worked with clients to meet their commercial real estate needs. Whether buying, selling, leasing or financing real estate assets, I am consultative and client-centric, creatively structuring transactions and strategies to meet my client’s investment objectives. With involvement in over $3 billion of transactions across all asset classes, I have worked with investors of all types including institutional investors, high net worth private clients, developers and financial institutions in South Florida.

Prior to joining Colliers, I  served as a Principal of Avison Young and member of its Florida Capital Markets team. Prior to that, I  held senior leadership positions with Newmark Knight Frank, Amerivest Group, Savills Studley and JLL.

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Bastian Laggerbauer

Director

West Palm Beach

As a Director, my focus is primarily on investment sales and providing the highest level of service to my clients throughout the South Florida region. I am proficient in valuating assets of all property types and implementing financial analysis through Argus Enterprise and Excel. During my tenure at Colliers international, I have been involved in deals exceeding a combined value of $350 Million. I have also engaged in select landlord representation, which has only enhanced my experience and ability to fully valuate and transact both income-producing and distressed assets.

My professional accomplishments include researching and analyzing historic and current data for the retail, office and industrial sectors in each submarket and creating individual, detailed reports for all three sectors in the tri-county area of South Florida.  I also earned my Argus Enterprise certification to further enhance my skills, while earning my Bachelor’s Degree in International Business from Northwood University in 2015 and my Master of Science in International Real Estate from Florida International University in 2016. 

I was born in Munich, Germany, where I have family ties to Colliers International. My family founded the Munich office and I subsequently completed an internship before moving to the USA. My time in the Munich office only made me eager to further my experience in the industry and drove my decision to move to Florida to pursue my degrees, while working in the Palm Beach Gardens office. 

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