The sale closed on December 17th 2020, for $975,00 or $450 per square foot.
The property was listed for sale by Stigliano Commercial Real Estate in late September and was under contract in less than two weeks.
According to Stigliano, “We had a signed contract within 24 hours after the For Sale sign was installed.”
When asked the reason for the quick sale, Stigliano said, “I was able to evaluate the market and set the right asking price. Then I targeted my marketing to the right prospective buyers who were able to take advantage of favorable financing.”
“The purchaser was a medical group looking for a free-standing building. The exposure of over 40,000 cars per day on Atlantic Avenue and the abundant parking were a huge draw for the Buyer,” said Reese.
Stigliano was also able to refer the Buyer to a lender that specialized in medical owner-occupied buildings. The lender provided the first mortgage which included additional funds for tenant improvements at a very low interest rate which made the transaction even more attractive.
Reese Stigliano is a recognized leader in the South Florida commercial real estate market, with over 35 years of experience. As President, he focuses on land sales, investment sales and office leasing for the firm. Mr. Stigliano’s talent in bringing complicated commercial transactions to a close has been evident throughout his successful 35-year brokerage career.