Foreclosed Office Building Sells for $2M

FT.LAUDERDALE, FL–Boca Raton-based Fimiani Development Corp. brokered the sale of a two-story, 22,688-square-foot-office building near Port Everglades in Ft. Lauderdale for $2 million or about $88 per square foot. Fimiani, which was also the receiver for the building, represented the lender, Turnberry Bank of Aventura, Florida, in the foreclosure sale which took place in mid-May. The buyer was a Miami-Dade group of investors in search of distressed assets. The former owner of the building was a Broward County (Ft. Lauderdale area) investor.

The roughly seven-year-old property at 777 SE 20^th Street, which was 25% occupied when it was sold, caters to marine industry businesses, says Mike Fimiani, president of Fimiani Development. The building’s  low occupancy rate was the result of market conditions and the previous owner not making enough of an effort to lease space in the building or actively manage it, he says.