The transaction closed on June 22 for $5,550,000.
Stigliano was the broker on the transaction and also worked as the Zoning and Land Use Consultant on the project.
Stigliano was originally contacted by the buyers late last year. They were looking for a location for an indoor tennis and pickle ball facility. The property needed high visibility on a major artery and a location within a federally designated Opportunity Zone.
According to Stigliano, “Opportunity zones are located in economically distressed area where private investments may be eligible for capital gain tax incentives. The Opportunity Zone Program created by the 2017 Tax Cut and Jobs Act offers investors a way to defer or eliminate their federal capital gains taxes by investing and developing in these areas.”
The parcel is also located within close proximity to the Isle Casino Redevelopment project called Live! Resorts Pompano, a large-scale 225 acre mixed-use project that includes entertainment, retail, dining, hotel, residential, office and logistics components.
Reese Stigliano is a recognized leader in the South Florida commercial real estate market with over 40 years of experience. As President, he focuses on land sales, investment sales and office leasing for the firm. Stigliano’s talent in bringing complicated commercial transactions to a close has been evident throughout his successful brokerage career.
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