POMPANO BEACH, FL - Reese Stigliano, SIOR, Senior Vice President of Brenner Real Estate Group, represented the Seller in the sale of 1.5 acres of vacant land to McDonald’s Corporation for a McDonald’s fast food restaurant site. Stigliano was hired by the Trustee of the Estate of the late Claude Lanier. The site is located in Pompano Beach, FL at the intersection of NW 31st Avenue and MLK Boulevard at the entrance to the Florida Turnpike. The $1.05 million sale closed November 25, 2013.
The transaction was two years in the making. According to Stigliano, there were numerous obstacles to overcome. “When I was hired by the trustee, the land was not platted,” he said. “Platting is the process where governmental authorities review the parcel to determine if the existing infrastructure in place can accommodate the proposed development such as sewer, water, streets, traffic, etc. The process took over a year which included dealing with Broward County Planning Council, Florida Department of Transportation, and the City of Pompano Beach. It is a cumbersome process but was absolutely necessary to ultimately pull a building permit and construct a building.”
Stigliano continued, “During the platting process the ownership entity went through some major changes. While we were negotiating with McDonald’s, the personal representative of the Estate passed away leaving the decisions to a committee of family members.”
“Dealing with McDonald’s was also very challenging,” said Stigliano. “They required restrictive covenants on the adjoining land that was owned by the Estate. They did not want a competitor to locate next to their new store. We spent several months negotiating that clause in the contract.”
“Reese’s persistence and negotiating skill, dealing with family members, governmental agencies, attorneys and corporate decision makers is truly amazing,” said Scott Brenner, President/CEO of Brenner Real Estate Group. “It took the tenacity of a bulldog to close this deal and he did it.”
Brenner Real Estate Group is a full-service commercial real estate firm providing asset solutions, brokerage, development, investment sales, property management, asset management, and receivership services for office, multi-family, industrial/commercial, and retail properties. The firm has been serving South Florida since 1987.
For more information, visit Brenner Real Estate Group on the web at www.breg.net, on Facebook at “Brenner Real Estate Group” or contact the firm at 1500 W. Cypress Creek Road, Suite 409, Fort Lauderdale, FL, 954-596-5555, or 6767 North Wickham Road, Suite 400, Melbourne, FL 32940, 321.242.4575.