Sperry Van Ness Commercial Realty has brokered the sale of Headquarters at Gateway Lake office building in Pompano Beach for $2,135,000, or $63.36 per square foot. The all cash deal closed on February 15, 2013.
Joel A. Kattan and Hernan Prohaszka represented the seller, PBE Companies, LLC.
The three story, 33,695 SF, Class “B” office building located at 1280 SW 36th Avenue went into foreclosure in 2010 and suffered from high vacancy and deferred maintenance. Sperry Van Ness Commercial Realty was exclusively retained by the bank to handle the sale of the property upon taking control of the asset.
“We feel this deal represents a very good ‘price-per-pound’ considering that asking lease rates in the immediate submarket are above $10 per square foot, resulting in a considerable upside potential,” said Joel A. Kattan, Senior Advisor at Sperry Van Ness Commercial Realty.
Doral Retail Center Holdings, LLC, the buyer, plans on making significant capital improvements in order to stabilize the asset.
“No doubt, the beautiful lake views and campus-like setting combined with the proximity to major thoroughfares and nearby amenities will draw excellent tenants once the renovations are completed,” said Hernan Prohaszka, Senior Advisor at Sperry Van Ness Commercial Realty.
Sperry Van Ness’ Joel A. Kattan and Hernan Prohaszka have represented banks in the disposition of four REO properties from the fourth quarter of 2012 through now, and with more to come.
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.