Former USPS Building Sells for $2.5M
- Mar 16, 2017
By Laura Calugar
Oakland Park, Fla.—The Allen Morris Co., a real estate firm in the Southeast, recently negotiated the sale of an office building in Oakland Park for $2.5 million. Senior Vice President Dale Graham and Director of Property Management and Leasing Enrique Pineiro, both represented the seller, RLC Ltd., along with CBRE. Two senior executives of CBRE worked on behalf of the buyer, Andrews Ave. Estate LLC. According to dailybusinessreview.com, the property last sold for $1.3 million in July 1995.
Located at 4350 N. Andrews Ave., the 20,368-square-foot, one-story building is situated half a mile east of Interstate 95, 4 miles east of Florida’s Turnpike and 3 miles from the Atlantic Ocean. The property is also close to the Fort Lauderdale Executive Airport, as well as retail establishments such as shopping centers, restaurants and supermarkets. The 1965-built asset sits on 2 acres and underwent complete renovations in 1996 for the former U.S. Post Office. The property includes 106 parking spaces.
“The sale of this property exemplifies the growing demand for office showroom space in South Florida, and we are pleased to negotiate terms that satisfied the needs of both parties. This transaction demonstrates how commercial real estate is continuously sought after for its dynamic opportunities in strategic locations,” said Graham in a prepared statement.
Formerly utilized as a single-tenant building, the property can be easily divided for multiple tenants. Therefore, the new owner intends to open a Panda Kitchen and Bath Expo Center on the site.
Image courtesy of The Allen Morris Co.