Selling Bid: $1,732,500
Pompano Beach, FL – Court Ordered Sale – Receivership
Subject is a +/- 36,585 SF industrial property situated on a +/- 2.08 acre lot and located in Pompano Beach, FL. Built in 1962, the property is comprised of a CBS office/warehouse building and a metal addition. The facility has four (4) dock doors and one (1) drive-in ramp, and 14′ clear ceiling height. In addition, there is a +/- 0.21 acre paved and partially fenced lot adjacent to the building that can be used for outside storage or additional parking.
Challenges: Although the property appeared to be in good condition and benefited from liberal I-1X zoning, we were confronted with several issues. The building was designated as an unsafe structure in the middle of the Receivership. The negotiation and settlement of Florida Department of Environmental Protection, City and Broward County Environmental Licensing and Building Permitting Division liens and fees exceeding $300k was coordinated and lowered to approximately $8k. Throughout the permitting problems, the entire building was stripped of all of its electrical copper wiring by professional burglary, devaluing the property extensively. Ownership and Partnership disputes also continued throughout the case
Summary: A “Stalking Horse” buyer was secured at $1,500,000. A second pre-auction contract was received at $1,550,000.00 and was the opening initial offer/bid. The live auction resulted in a final bid amount at $1,575,000.00, from the original “Stalking Horse” bidder including the 10% bidders premium, the final contract price totaled $1,732,500.