Jun
20
Fort Lauderdale Office Asset Sells for $3M
ByThe 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.
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…
