Pompano Beach Land Sells For $1.2 Million Per Acre
The buyer is planning a multifamilyn development.
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The buyer is planning a multifamilyn development.
The company is based in Fulton, Maryland.
The lease deals total a combined 32,000 square feet.
The Cushman & Wakefield South Florida Industrial Team – Christopher Thomson, Alex VanDresser, Rick Etner, Chris Metzger and Matt McAllister – represented the landlord, Cabot Properties, in the lease negotiations.
The asset sold for $3,000,000.
Jason Hochman, Mike Ciadella and Ron Granite of Cushman & Wakefield’s Equity Debt and Structured Finance team secured the new long-term, non-recourse loan through BankUnited.
Avison Young’s John K. Crotty, CCIM, Michael T. Fay, David Duckworth, Brian C. de la Fé, and Associates Emily Brais and Berkley Bloodworth closed the sale on behalf of the seller, Hersha Hospitality Trust.
The buyer plans a multi-million-dollar project renovation to include an innovative restaurant design upgrade and additional penthouse units.
The asset was the second of the seller’s 100% occupied, two-building portfolio to sell within three months, both sales totaling $17.2 million.
The project is on a fast-track for completion in the second quarter of 2021.
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