FORT LAUDERDALE, FL-A bank-owned office building is up for grabs in Pompano Beach. 1180 SW 36th Avenue already has an offer on the table.

Colliers International South Florida has the exclusive listing on the 25,000-square-foot office building. Colliers’ executive vice president Robert Listokin and commercial associate Peyton Moore are marketing the available space in the building, ranging from 1,000 to 20,000 square feet—but the larger goal is to sell it.

“Because there’s so much vacancy in the building it may be more difficult to get a premium price from an investor,” Listokin tells GlobeSt.com. “In this market, we are more likely to attract an owner/users. This is idea for a headquarter building.”

The building is only 20% occupied. An entire floor spanning 12,500 square feet is available. Listokin says suites are already generically built out, are in very good condition, and require minimal investment. The building also features an access control entry system. He figures lake views, an adjacent Publix and its prime location near the well-known Palm Aire Development will attract tenants and buyers to the building.
 
“Technically the building is in Pompano Beach, but it’s on the fringe of the Cypress Creek market,” Listokin says. “That said, the Cypress Creek market is not the strongest office market either.”

The Cypress Creek submarket saw more than 147,000 square feet of lease deals in the second quarter, according to CBRE. More than 66% of that came from renewals, including Liberty Power and Massachusetts Mutual Insurance.

The average asking rate in Broward remained practically unchanged at $16.74 per square foot. The Pompano Beach submarket's recorded average dipped by $0.89 per square foot and can be attributed to the addition of class C space from the Wyndham call center, CBRE reported.

“The owners of this building lost the property to the bank because they purchased it at the top and couldn’t fill it at the rates they had to charge to pay the mortgage,” Listokin says. “But an owner/user who buys this asset will be happy a few years from now because they would be buying at the bottom of the market.”