A Marcus & Millichap duo based in Miami closed the $7.8 million sale of the Coral Springs Financial Center, which is expected to be demolished to make room for a mixed-use project.
Drew Kristol and Kirk Olson, first vice presidents of investments, marketed the building on behalf of the seller and found the buyer, closing the deal March 30.
3300 CSFP LLC sold the 145,465-square-foot office property at 3300 N. University Drive south of Sample Road to PreDevCo for $53.60 per square foot.
Boca Raton-based PreDevCo wants to demolish the financial center and build a hotel and residences on this and surrounding property, according to media reports.
The deal came with a unique catch. Marcus & Millichap was marketing the building only, not the parking lot surrounding the building.
“When you don’t have the land and parking lot included, it was a difficult hurdle,” Kristol said. “A lot had to work for someone to be able to buy our property, and so we needed to coordinate in some ways with the purchase of the surrounding property.”
Luckily, PreDevCo plans an expansive project and needed more land for its plan. The company also purchased the parking lot that surrounds the financial center, according to The Real Deal.
“We marketed this property for about seven to eight months until we eventually found this buyer,” Kristol said.
In that time, eight potential buyers came forward before PreDevCo.
The property is east of the new $38 million Coral Springs City Hall, a five-story building that opened in January. The new City Hall and the PreDevCo project point to growth in this area of Coral Springs.
“It’s a great location, and it’s a prime corner. The fact that there’s retail potential and multifamily potential tells you that there’s obviously demand and growth in that market. It’s a strong suburban market,” Kristol said.
The attorney representing the buyer was Ross Realty Investments general counsel Adam Reiss of Davie. For the seller, Laura Gangemi Vignola, a Greenberg Traurig shareholder in Miami, was involved.