Commercial Property Sells For 75% Increase In Less Than One Year
The property, which was 100% occupied, closed on May 12 for $11 million.
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The property, which was 100% occupied, closed on May 12 for $11 million.
Northeastern investors continue to move their capital to the West Palm Beach office market.
The 5,636-square-foot convenience store and gas station is situated on a 2.88-acre parcel.
One of the few remaining vacant parcels in the central business district, the property is primed for office, multifamily, hotel, or mixed-use development totaling more than 500,00 square feet of rentable space.
The price equated to $267 per square foot.
Seneca Town Center is anticipated to be one of the first of many major redevelopment projects throughout the Town of Pembroke Park.
Mike Davis, Dominic Montazemi, Miguel Alcivar, Adam Spies, Rick Brugge, and Rick Colon of Cushman & Wakefield represented both the seller and buyer in the transaction.
A partnership between Ft. Lauderdale-based Mitchell Property Realty, Inc. and Atlanta-based Ridgeline Property Group acquired the property and plan on developing a 227,000-square-foot spec office, warehouse, distribution facility located inside Westlake Landings, a 50-acre master-planned business park located off Seminole Pratt Whitney Rd.
Pompano Beach, and Broward County as a whole, is seeing unmatched commercial and industrial real estate demand.
Bidding deposits and qualifications must be submitted to the court-appointed receiver, Michael Goldberg, no later than 5 p.m. on Friday, May 20, 2022.
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