The Matchmaker: RARE CRE's Jamie Zambrana Brings Seller, Buyer Together
Zambrana connected the buyer and seller on the $6.9 million sale of a Deerfield Beach office building.
September 25, 2018 at 01:15 PM
2 minute read
Jamie Zambrana, the co-head of a commercial real estate company, had one client looking to expand and another with the right space.
This was a client, “who had a specific need, looking for a certain asset in a certain area, and I had a client that owned something that matched exactly that description. Therefore, just made the introduction and facilitated the sale between the two parties,” said Zambrana, managing partner of Boca Raton-based RARE CRE.
Polyglass U.S.A. Inc., a roofing and waterproofing systems company, bought the 62,343-square-foot office at 1350 E. Newport Center Drive in Deerfield Beach for $6.9 million from an affiliate of IMC Equity Group, a commercial real estate holding company.
The cash transaction that closed Sept. 4 breaks down to $110 per square foot.
Polyglass is a subsidiary of Mapei Corp., a manufacturer of building supplies such as chemicals, adhesives and sealants. The headquarters of Polyglass and Mapei's U.S. operations are less than a mile from the purchased property southwest of Interstate 95 and Southwest 10th Street.
Polyglass' new building is about 74 percent occupied. Some of the corporate offices are for Youfit Health Clubs and driving safety company Driver's Alert Inc.
Polyglass will keep the tenants and plans to open a laboratory for its roofing business in the vacant space, Zambrana said.
“In the end of the day it was really relationship-driven,” Zambrana said of the off-market deal.
IMC Equity, which sold the building through its affiliate Rainbow Warehouse LLC, initially wasn't looking to sell.
“They got a good offer,” Zambrana said. “They got a lower cost basis, so they took advantage of the value-add that they brought and then market appreciation since their purchase.”
IMC bought this and the building next door at 1400 E. Newport Center Drive for $10 million in October 2015, according to the Broward County property appraiser's office.
Zambrana and Nelson Garcia, who also is RARE CRE managing partner, started the company in 2014.
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