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Berger Commercial Realty Corp. Broker Reese Stigliano Closes $6.76 Million Sale

FORT LAUDERDALE, Fla. – Berger Commercial Realty Corp., a full service commercial real estate firm based in Fort Lauderdale, Fla., and serving clients around the state, announced broker Reese Stigliano, SIOR, recently closed a $6.76 million sale for BF Accona, LLC, an affiliate of BankFirst of South Dakota.

Stigliano represented the bank in the sale of a 21.49-acre, multifamily parcel, located at 715 Hank Aaron Drive in West Palm Beach, to Aaron Drive Holdings, a West Palm Beach-based company managed by developer and former Florida U.S. Senate candidate Jeff Greene.

BankFirst of South Dakota took the title to the land in August 2009 after winning a $44.8 million foreclosure judgment against Hallandale Beach-based developer SWP Palm Beach. The property had been approved for 620 condominiums, 57 townhouses and 20,000 square feet of retail space, but construction on the project never began.

Aaron Drive Holdings paid cash, allowing the company to close in less than a month. Development plans and a timetable for construction are unknown.

“Oftentimes buyers won’t close on undeveloped land until site plan approval is in place,” Stigliano said. “However, this property had extended entitlements, which was one of the main reasons they bought it. At the price they paid, they can either sit and land bank it or decide to build something economically feasible.”

At Berger Commercial Realty Corp., Stigliano’s primary areas of focus are land sales, investment sales and office leasing. He was assisted in this deal by Berger Commercial Realty Corp. Project Manager Gordon Lunt, who’s primary focus at the firm is land development management.

BRIEF:

Property Address: 715 Hank Aaron Drive, West Palm Beach, FL 33401
Seller:  BF Accona, LLC, an affiliate of BankFirst of South Dakota, represented by Reese Stigliano, SIOR, of Berger Commercial Realty Corp.
Buyer: Aaron Drive Holdings
Sold for: $6.76 million
Property Des cription: 21.49-acre multifamily parcel

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