Fort Lauderdale Office Asset Sells for $3M
- Jun 20, 2017
Colliers International brokered the sale of a 23,784-square-foot office building in downtown Fort Lauderdale, Fla. The $3 million off-market deal included an adjacent 22,000-square-foot lot originally used for parking, just northwest of the property.
Sapphire Investment Fund LLC sold the asset to 955 S Federal LLC, an entity controlled by Skyland Management. Located at 955 S. Federal Highway, the four-story, Class C property has been vacant for several years. Australia-based Sapphire Investment Fund LLC acquired the building in December 2013 with plans to renovate the building. However, due to geographical limitations, the company had to abandon the improvement project.
Extensive Renovation Plans
Skyland Management plans to fully reposition the property and upgrade it in line with Class A office standards. The new owner intends to occupy a portion of the building and lease the remaining space.
Completed in 1975, the property was once home to the Broward County Building and Permit Department. The asset includes two stories of office sitting atop a two-story parking garage.
Vice President Bradley Arendt of Colliers’ Urban Core Division represented both parties in the transaction.
“In this point of the real estate cycle, true value-add opportunities within the urban core are very rare,” said Arendt, in prepared remarks. “Fort Lauderdale’s downtown submarket is experiencing an influx of activity and interest – repositioning this asset will better serve the future growth of our city,” he added.
Image courtesy of Colliers International