Kirk Olson and Drew A. Kristol represented the seller, an institutional investor with several offices throughout the country and procured the buyer, Benderson Development.
On behalf of the landlord, TA Realty, Avison Young Principal Donna Abood, who is also Managing Director of the firm’s Miami office, Vice President Joe Abood, and Associate Peyton Dowd facilitated the transactions.
The loan was secured as part of a multifamily property purchase by a joint venture between Angelo Gordon and Mast Capital.
The sale marks the second highest per unit sales price for its size, vintage and submarket.
The property comprises four conjoined lots being sold together, which are all zoned T6-8-O NRD-1, allowing up to 8 stories by right and 12 stories with bonuses of mixed-use infill development. Under this zoning, the property can be developed into up to 207 units (310 with bonuses) or licensed for up to 414 hotel keys.
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The property and buildings will be utilized as an expansion for the Mesivta School of Coral Springs.
Pompano Crown LLC purchased the buildings with plans to renovate and re-lease the currently vacated space.
His responsibilities will include business development and assisting clients in procuring debt and equity solutions across all commercial property groups. He will work out of the Boca Raton office.
Calum Weaver, Robert Given, Zach Sackley, Troy Ballard and Garrett Pordes of Cushman & Wakefield will oversee marketing efforts.