Pompano Beach, FL – May 24, 2012 – (RealEstateRama) — The sale of the Arbour Building at 440 East Sample Road in Pompano Beach demonstrates a changing trend in the asset category of actively trading properties. During the past 24 months, sales have been almost entirely comprised of core Class A product or distressed assets. The Arbour Building, a stabilized Class B office building, lies between these two opposite ends of the spectrum for investment sales.
Built in 1980, the 26,197-square-foot, two-story suburban property traded for $1.33 million at an 11.3% capitalization rate. CBRE represented the buyer, Coral Gables-based KAS Partners in their acquisition. The seller, Andy Sneider, was represented by John Rapp of Rapp Realty.
“The price point is typical of the latest trends in the market with stabilized Class B buildings trading above a 10% cap rate,” said Marty Busekrus, Senior Associate with CBRE. “With respect to this particular sale, the buyer saw a property that had historically performed well, with rents at or slightly below market. These conditions should allow for a steady increase in income as the market returns.”
The property was 90% occupied at the time of closing.
Busekrus is part of CBRE’s Private Capital Group in the Palm Beach County office. He was joined by team members Senior Vice President Scott O’Donnell and Vice President Dominic Montazemi and Associate Miguel Alcivar in providing buyer representation services to KAS Partners.
About CBRE Group, Inc.
CBRE 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 2011 revenue). The Company has approximately 34,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE 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.
Contact:
Elizabeth Cross
Marketing Director, FL
305.428.6373
elizabeth.cross (at) cbre (dot) com
Lauren Crawford
Communications & Media Manager, FL
813.273.8482
lauren.crawford (at) cbre (dot) com
