Pennsylvania developer buys Oakland Park landmark building
Local developer Amos Chess kept one-third interest
UPDATED, 5:38 p.m., Feb. 7: Two Oakland Park buildings just sold for $16.3 million, property records show.
BrickBox Oakland Park LLC, led by Dan Deitchman, bought a two-thirds interest in the cylindrical 74,442-square-foot building at 3101 North Federal Highway, which once housed the Chateau Madrid nightclub and restaurant. Chateau Madrid featured artists like Louis Armstrong.
Deitchman owns BrickBox Development, a Pennsylvania-based real estate firm that renovates historic and distressed properties. Records show BrickBox assumed the seller’s nearly $7 million mortgage from Bank Leumi.
Deitchman also bought a two-thirds interest in the adjacent 27,300-square-foot building anchored by Chase Bank, at 3201 North Federal Highway.
The seller is Round Corner LLC, which is led by investor Amos Chess. The company paid $10.4 million for the Kenann Building in 2013 and $4.1 million for the adjacent building in 2014. Earlier this year, Deitchman and Chess filed plans to redevelop two former strip clubs in Oakland Park after the city won a 30-year legal fight to close the clubs.
The mixed-use office building’s design was reportedly inspired by the futuristic cartoon, The Jetsons. It was built in 1968 by developer Kenneth G. Burnstein and sits on about 2.5 acres, including surface parking.
The building, which is now anchored by Citibank, has been home to other restaurants and clubs like The Rooftop and Hot Chocolate.
Deitchman bought the property at a time when the office market in South Florida is stabilizing. Office vacancy rates are falling and asking rents inching up, according to Colliers International South Florida’s second quarter reports.
Correction: A previous version of the story incorrectly stated the buyer bought full-interest in the Kenann Building and left out the sale of the adjacent office building.