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Florida Realty Pays $2M for Retail/Office Building

LAUDERDALE-BY-THE-SEA, FL-Happy Hour Inc. of Fort Lauderdale sold the 15,767-sf, two-story building here for about $142.70 per sf. It was 100% occupied. Happy Hour paid $920,000 for the building a little more than five years ago.

By Melissa Bogdany | Updated on July 27, 2004

LAUDERDALE-BY-THE-SEA, FL-Florida Realty Associates LLC, based in Fort Lauderdale, FL, purchased a 15,767-sf retail and office building in the Lauderdale-by-the-Sea business district, near Pompano Beach, FL, for nearly $2.3 million. The price equals approximately $142.70 per sf.The seller was Happy Hour Inc. of Fort Lauderdale. The two-story, multi-tenant building–at 220 E. Commercial Blvd.–has retail shops on the ground floor and office suites on the second floor. The building was 100% occupied at the time of the sale. DK Mink, founder and CEO of Mink & Mink Inc. of Fort Lauderdale represented Florida Realty Associates, and Pablo Lupinacci of Abood Wood Fay Real Estate Group represented Happy Hour in the transaction.The building sold for more than double what Happy Hour paid for it, $920,000, in January 1999, according to the Broward County property appraiser’s office. Before that, the office shows, it was purchased in February 1993 for $540,000.

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