225 N Federal Highway, Pompano Beach FL 33062

Fisher Auction Company and CBRE are pleased to present via an Online Auction the Tower at Avery Place. The online auction begins Monday, July 20, 2020 at 12:00 PM EST and ends Wednesday, July 22, 2020 at 2:00 PM EST. The property will be sold at or above a Bid Price of $5,500,000 (the List Price is the opening bid price) (Last Offered at $12,900,000). An 8% buyer’s premium will be added to the final bid price. Please contact us for Bidder Qualification Instructions.We are pleased to offer a rare “Value Add” opportunity, the Online Auction of The Tower at Avery Place (the “Property”, ”Building” or “Subject”), an 8-story tower that is prominently located along South Florida’s verybusy Federal Highway (US-1) in Pompano Beach, Florida. The Tower at Avery Place is currently 100% vacant and ready to be reintroduced to the market.Located less than 1 mile from the Atlantic Ocean, the Building boasts unobstructed panoramic views of the Atlantic Ocean and surrounding areas. The ±53,144 SF Building was built in 1973, updated in 2001 and sits on ±2.3 acres, which includes a 4-story shared parking structure, and 2 adjacent surface parking lots.With 307 dedicated parking spaces, the Building boasts an incredible 5.75/1,000 parking ratio. There are 231 spaces located in the contiguous parking garage and another 76 spaces on 2 adjacent lots to the south and west of the Building. The garage totals 461 spaces and is shared equally with the namesake Avery Apartments.This is a tremendous opportunity for either an investor or end user to purchase this well-designed office tower for significantly below replacement cost (+$350 PSF average replacement cost). Value-add investors will achieve superior risk adjusted returns.From Then to Now…The Tower at Avery Place, formerly known as Atlantic Tower, was originally designed as a multi-tenant office tower with a ground floor retail / bank space. In 2001/2002 the building was fully renovated, updated & retrofitted to become home to Everest University, a career college. In 2016, knowing the Everest University’s was not renewing their lease (expiring 2017), a portion of site was sold to a developer.In 2019 a new 144-unit residential building was completed. The developer also made improvements both to the site & the existing parking structure. This project sits on the north end of the site & is known as The Avery Apartments.