Ft. Lauderdale, FL – August 9, 2011 – (RealEstateRama) — CB Richard Ellis (CBRE) arranged the sale disposition of a 27-acre Georgetown Community site for $800,000 to Arch, LLC. The bank-owned asset comprised six fee-simple completed units and 118 finished fee-simple lots with entitlements and infrastructure. The site is situated on the southern part of the 320-unit Georgetown Community partially developed by Centerline Homes in 2005.
“The sale of this asset was handicapped by the fact that the majority of the 192 units already built and sold within the development were in the foreclosure process and selling as low as $30,000—down from $275,000,” said Scott O’Donnell, a Senior Vice President with CBRE. “Additionally, few of the homeowners were paying HOA fees, which required the buyer to fund the shortfall (currently running $20,000 per month) until ownership of distressed units transfer.”
O’Donnell was accompanied by CBRE brokers, Mike Millard, Dominic Montazemi, Marty Busekrus and Miguel Alcivar, in representing the seller, BBVA Compass Bank. The team specializes in sophisticated asset disposition and finance services for office, industrial and land to private equity sources and institutional clients seeking non-core assets.
The property, located at 1432 NW 34th Way in Lauderhill, FL, fronts the north side of the Central Broward County Regional Park and is less than a half-mile east of the State Road 7 commercial corridor.
About CB Richard Ellis
CB Richard Ellis Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2010 revenue). The Company has approximately 31,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CB Richard Ellis offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at www.cbre.com.
elizabeth.cross (at) cbre (dot) com
lauren.crawford (at) cbre (dot) com