Adam Starr, Senior Vice President of Brenner Real Estate Group, announced the sale of the 31,000-square-foot Regions Bank Building, located at 1799 West Oakland Park Blvd. in Fort Lauderdale.
The deal closed on May 24th.
Kendall Airport Commerce Center, Inc. purchased the asset for $3,900,000. According to Starr, the office building purchase was an investment sale.
Starr has represented the property through two ownerships since 2000 and represented the seller, IMAR Offices, LLC in this transaction. IMAR Offices, LLC
purchased the building in 2009 for $1,800,000 and held it for seven years before selling.
Starr noted, “They bought this property from the former owners as a value add play, at the height of the recession when properties were trading at far below replacement cost value. The property was under contract in 2013, for $2,650,000 with 33% vacancy, but the prospective buyer decided not to close, and walked away from a substantial deposit. Within six months of the contract default, we secured long-term renewals with Regions Bank and our other major building tenant, and then proceeded to find a 10,000-square-foot tenant for the top floor, bringing occupancy to 100%. Once the building stabilized, my client decided it was the right time to sell and we began marketing the building once again. We are very pleased with the results we were able to realize for our client.”
Get the latest industry news and information from CRE-sources delivered right to your email inbox! And we promise…no more than one email each morning. Just follow the instructions below.
Get the latest industry news and information from CRE-sources delivered right to your email inbox! And we promise…no more than one email each morning.
And we promise…no more than one email each morning.