The DealCBRE, Inc., and Fisher Auction Company are pleased to offer a rare “Value Add” opportunity, the Online Auction of The Tower at Avery Place, an 8-story tower that is prominently located along South Florida’s very busy Federal Highway (US-1) in Pompano Beach, Florida. The Tower at Avery Place is currently 100% vacant and ready to be reintroduced to the market.
Located less than 1 mile from the Atlantic Ocean, the Building boasts unobstructed panoramic views of the Atlantic Ocean and surrounding areas. The ±53,144 SF Building was built in 1973, updated in 2001 and sits on ±2.3 acres, which includes a 4-story shared parking structure, and 2 adjacent surface parking lots.
With 307 dedicated parking spaces, the Building boasts an incredible 5.75/1,000 parking ratio. There are 231 spaces located in the contiguous parking garage and another 76 spaces on 2 adjacent lots to the south and west of the Building. The garage totals 461 spaces and is shared equally with the namesake Avery Apartments.
This is a tremendous opportunity for either an investor or end user to purchase this well-designed office tower with medical use by right, for significantly below replacement cost (+$350 PSF average replacement cost). Value-add investors will achieve superior risk adjusted returns.
The Auction
The Tower at Avery Place will be sold via an Online Auction July 20 through July 22. Last offered at $12.9 Million, the minimum bid is set at just $5.5 Million making this auction an even more irresistible investment opportunity!
