FORT LAUDERDALE, FL– Adam Starr, Senior Vice President of Brenner Real Estate Group, a full service commercial real estate firm based in Fort Lauderdale, FL, has announced the sale of the 31,000 SF Regions Bank Building, 1799 West Oakland Park Blvd., in Fort Lauderdale, FL on May 24th.
The purchaser was Kendall Airport Commerce Center, Inc. Sale price is valued at $3,900,000. According to Mr. Starr, the office building purchase was an investment sale. Mr. Starr has represented the property through two ownerships since 2000 and represented the seller, IMAR Offices, LLC in this transaction. IMAR Offices, LLC purchased the building in 2009 for $1,800,000 and held it for seven years before selling it for $3,900,000.
Starr noted, “They bought this property from the former owners as a value add play, at the height of the recession when properties were trading at far below replacement cost value. The property was under contract in 2013, for $2,650,000 with 33% vacancy, but the prospective buyer decided not to close, and walked away from a substantial deposit. Within six months of the contract default, we secured long-term renewals with Regions Bank and our other major building tenant, and then proceeded to find a 10,000 square foot tenant for the top floor, bringing occupancy to 100%. Once the building stabilized, my client decided it was the right time to sell and we began marketing the building once again. We are very pleased with the results we were able to realize for our client.”
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.