FedEx Call Center Fetches $7.1 Million

A group that includes Haralambos Tzanetatos paid $7.1 million for the 49,000-square-foot FedEx call center in Fort Lauderdale.
CBRE’s Private Client Group team, which includes Scott O’Donnell, Dominic Montazemi and Miguel Alcivar, marketed the FedEx TechConnect Center for sale and represented the seller Fed Florida Investors, an entity BPG Properties manages.
The building, at 5341 NW 33^rd Ave., was built in 1986, with FedEx renovating it in 2006.
The property has some challenges because there is less than five years left on the FedEx lease, however, the company has already executed lease renewals in the past.
“We aggressively marketed the asset and identified an offshore equity source who was able to get comfortable with the risks associated with the tenant’s lease expiration due to the quality of the real estate and strong credit of the tenant,” said CBRE senior VP Scott O’Donnell, in a statement.
The buyer group, which is based in South America, purchased the property to satisfy a 1031 exchange.
Zac Gruber of Intrepid Realty and John Sturgis of Agora Realty represented the buyer.
 
Source:  SFBJ