The Real Deal Miami

Investors pay $10M for HQ of Broward realtors association

Listing says property has room to spare for additional development

December 28, 2015 03:45PM
By Sean Stewart-Muniz

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The Mayors Plaza at Westpoint office development in Tamarac

Two Tamarac buildings that house the western headquarters of Fort Lauderdale’s association of Realtors were just sold to investors for $10.25 million.

The two-building office plaza is located at 5850-5870 North Hiatus Road and is surrounded by other commercial developments in the city’s Westpoint business park.

Together, the buildings measure 56,826 square feet and are currently 98 percent leased. The first and larger of the two has two floors, while the smaller structure is a single story — that’s the one leased out to the Realtors Association of Greater Fort Lauderdale. The association also has its main offices at 1765 Northeast 26th Street, another two-story building that it owns in Fort Lauderdale.

The buildings were sold by a limited liability company named Mayors Plaza at Westpoint, which lists Boca Raton attorneys Daniel S. Mandel and William S. Weisman as its managing members.

On the other side of this deal was another LLC called International Plaza Building, with Richard Brock and Steven Yavers at its helm. No financing was recorded in Broward County, so the buyers paid cash.

The two paid about $180 per square foot for the office buildings, which sit on a little over five acres of land. Much of that space is devoted to surface parking, though a LoopNet listing said the property has enough free space for “additional building development” or more parking, should a tenant need it. It’s unclear if the listing is referring to the large swath of open land next door that’s owned by the Community Christian Church of Fort Lauderdale.

These buildings were built in 2005 and later sold for $10.3 million to the Mayors Plaza at Wespoint LLC in 2008.