FORT LAUDERDALE, Fla. (January 30, 2014) – Berger Commercial Realty Senior Vice President Steve Hyatt announced today the sale of a 24,000-square-foot office building in Fort Lauderdale from the AIDS Healthcare Foundation, Inc. to Sapphire Investment Fund, LLC. Located at 955 S. Federal Highway, the four-story building and adjoining parking lot sold in two separate transactions for a total of $2,025,000.
“I had tremendous interest in this property and showed it close to 60 times,” said Hyatt, who represented the Foundation in the transaction. “The buyer is an Australian developer who plans to spend more than $2 million to extensively renovate the building for speculative office space.” There were three other buyer groups in line as back- ups”
The high-visibility building along Federal Highway , which formerly housed the Broward County Building and Zoning department, was completely gutted on the inside prior to the sale.
“This sale marks our seventh in downtown Fort Lauderdale since October 2012, bringing our recent sales volume in the area to $26 million,” Hyatt added. “This sub-market of Broward County has seen a big surge in sales of well-located office buildings under 50,000 square feet. There is not much available product left in this size range for the owner/user or the speculative investor.”
About Berger Commercial Realty
Founded in 1998, Berger Commercial Realty is a full service commercial real estate firm. A local, independent and privately-owned firm, Berger customizes services and adapts to clients’ needs and the ever changing real estate market. Services include brokerage/tenant and buyer representation, property management, agency/project leasing, capital advisory / investment sales, construction/project management, and retail services. The company established a dedicated division, Berger Special Assets, to serve as receiver and enhance the value of distressed properties by providing expert management, leasing and sales representation on behalf of lenders and financial institutions. For more information, visit bergercommercial.com.