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.
