{"id":1004181032,"date":"2017-06-20T11:58:55","date_gmt":"2017-06-20T19:58:55","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004181032"},"modified":"2022-12-08T00:28:45","modified_gmt":"2022-12-08T08:28:45","slug":"fort-lauderdale-office-asset-trades-for-3m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/fort-lauderdale-office-asset-trades-for-3m\/","title":{"rendered":"Fort Lauderdale Office Asset Sells for $3M"},"content":{"rendered":"

By Timea Papp<\/p>\n

\"955<\/a>

955 S. Federal Highway<\/p><\/div>\n

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.<\/p>\n

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\u00a0the improvement project.<\/p>\n

Extensive Renovation Plans<\/h2>\n

Skyland Management plans to fully reposition the property and upgrade it in line with Class A office standards<\/a>. The new owner intends to occupy a portion of the building and lease the remaining space.<\/p>\n

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.<\/p>\n

Vice President Bradley Arendt of Colliers\u2019 Urban Core Division represented both parties in the transaction.\u00a0<\/p>\n

\u201cIn this point of the real estate cycle, true value-add opportunities within the urban core are very rare,\u201d<\/em> said Arendt, in prepared remarks. \u201cFort Lauderdale\u2019s downtown submarket is experiencing an influx of activity and interest \u2013 repositioning this asset will better serve the future growth of our city,\u201d<\/em> he added.<\/p>\n

Image courtesy of Colliers International<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The vacant property changed hands in an off-market deal. The new owner plans to renovate the building and bring it in line with Class A office standards.<\/p>\n","protected":false},"author":240,"featured_media":1004181034,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21782,21783,1492,21742,21747],"tags":[36255,32763,36256],"class_list":["post-1004181032","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-development","category-investment","category-miami","category-latest","category-office","tag-bradley-arendt","tag-colliers-international","tag-skyland-management"],"acf":[],"yoast_head":"\nFort Lauderdale Office Asset Sells for $3M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/fort-lauderdale-office-asset-trades-for-3m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fort Lauderdale Office Asset Sells for $3M\" \/>\n<meta property=\"og:description\" content=\"The vacant property changed hands in an off-market deal. 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