Addiction treatment firm Banyan buys Pompano Beach office tower for $6M

Banyan Treatment Centers’ headquarters is less than a mile away

TRD MIAMI /
Aug.August 24, 2020 11:31 AM
Scott Brenner, Joe Tuttle, and 225 North Federal Highway (Credit: Google Maps)

Scott Brenner, Joe Tuttle, and 225 North Federal Highway (Credit: Google Maps)

UPDATED, Aug. 27, 2:30 p.m.: An entity tied to a drug and alcohol addiction treatment provider bought an empty office building in Pompano Beach sold for $5.9 million.

Banyan Corporate Center LLC, which shares an address with Banyan Treatment Centers, bought The Tower at Avery Place, formerly called Atlantic Tower, at 225 North Federal Highway, records show. Built in 1973, the eight-story tower has 53,000 square feet of leasable space.

The seller is a company tied to Scott Brenner, an EVP with CBRE based in Boca Raton. The seller bought the property in 2000 for $4 million.

Banyan Treatment Centers’ headquarters is in Pompano Beach, less than a mile away from the office tower. Banyan has locations in Florida, California, Massachusetts, Pennsylvania and Illinois, according to its website. The center has a few celebrity advocates, including skateboarder and actor Brandon Novak and Mike “The Situation” Sorrentino from MTV’s “Jersey Shore” reality show.

After publication, a Banyan spokesperson said Banyan Treatment Centers will be moving its corporate offices to the office tower, and will keep its current corporate offices as a rehab center.

The newly purchased building was put up for auction in July with Fisher Auction Co., with a $5.5 million minimum bid. It was previously asking $12.9 million.

According to information provided for the auction, the building is on 2 acres and was updated in 2001 and retrofitted into an Everest University career college. After Everest opted not to renew its lease, which expired in 2017, Meyers Group bought a portion of the property, and in 2019 turned it into a 144-unit apartment building with monthly rents starting at $1,750.

That apartment building, Avery Pompano Beach, shares a four-story parking structure with the sold office tower. The apartment building and an HSBC bank onsite were not part of the sale.

A document provided with the auction said the building can expand by about 40,000 square feet and be converted into an assisted living facility, a hotel or apartments. Market rents include $12 to $17 for office space, $14 to $19 for medical offices and $27 to $30 for retail.

Pompano Beach is seeing some major development projects. In June, the developer of a 122-unit multifamily project in Pompano Beach with workforce housing got the green light after a redesign.

In April, Invesca scored a $102 million loan from Madison Realty Capital for two South Florida multifamily projects, one of which is a 214-unit apartment project in Pompano Beach.

That same month, Stellar Communities scored $10.6 million in financing for its Pompano Beach townhomes.


Related Articles

arrow_forward_ios
From left: Steve Bisciotti, Jim Davis with  Jim and John Arrigo, with 5901 Madison Avenue, Tamarac and 2250 North State Road 7, Margate (Getty, Arrigo Auto Group, Google Maps)

Investment firm tied to Baltimore Ravens owner buys South Florida car dealerships for $61M

Investment firm tied to Baltimore Ravens owner buys South Florida car dealerships for $61M
119 Washington Avenue Miami Beach

South Beach office building inks lease for record $92 psf

South Beach office building inks lease for record $92 psf
Banyan Street Capital CEO Rudy Prio Touzet and the two towers (Credit: Google Maps)

Banyan Capital buys Doral office towers for $43M

Banyan Capital buys Doral office towers for $43M
David Cordish and renderings of Isle Casino (Cordish Companies, city of Pompano Beach)

Sign of the times: Developers want to add industrial to redevelopment of Pompano casino

Sign of the times: Developers want to add industrial to redevelopment of Pompano casino
Rishi Kapoor with Forum Coral Gables

Co-working virtually: Coral Gables space rolls out memberships

Co-working virtually: Coral Gables space rolls out memberships
Scott Schoenlank, Andor Kovacs and 6041-6047 Kimberly Boulevard, North Lauderdale (Linkedin, Google Maps)

Restoration 1 franchise founder buys North Lauderdale office and retail center for $6M

Restoration 1 franchise founder buys North Lauderdale office and retail center for $6M
Shlomo Khoudari, Managing Partner at Elion Partners, and Stephen A. Schwarzman, CEO of the Blackstone Group, with 1800-1880 North Commerce Parkway, Weston, and 3400-3450 Park Central Boulevard, Pompano Beach (Credit: Google Maps)

Blackstone pays $46M for Broward industrial properties

Blackstone pays $46M for Broward industrial properties
Charles Cohen and a rendering of the project (Getty, Pelli Clarke Pelli Architects)

Billionaire Charles Cohen proposes 338-foot tall office tower in West Palm

Billionaire Charles Cohen proposes 338-foot tall office tower in West Palm
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...