Colliers South Florida’s Urban Core Division represented the seller and buyer in the sale of the 11,171 SF two-story office building.
FORT LAUDERDALE, FL, June 22, 2022 – Colliers closed on the sale of a two-story office building located at 1001 South Andrews Avenue in Fort Lauderdale, FL. Colliers South Florida’s Urban Core Director Bradley Arendt represented the seller, Write Stuff Enterprises, and the buyer, Fazio Properties, LLC., in the transaction. The property consists of an 11,171 SF office building situated on a 28,124 SF lot.
“Fort Lauderdale’s market continues to flourish, we continue to see increased demand not only for development properties but for income-producing assets,” said Arendt. “We’re pleased to have assisted the buyer and seller in achieving the ultimate deal scenario within a brief timeline. The property generated significant interest, and we’re thrilled to have reached an agreement before the property went to market.”
The seller, Write Stuff Enterprises, is a leading publisher of corporate history and company anniversary books founded by Jeff Rodengen in 1986.
The buyer, Fazio Properties, LLC., owns and manages several commercial and residential development properties throughout South Florida, making the purchase a perfect fit in their existing portfolio. Fazio Properties is a family-owned and operated real estate development and management company based in Downtown Fort Lauderdale. They will not be occupying the newly acquired office building and plan to use it for investment purposes solely. The property is located in the regional activity center (RAC) and provides very liberal zoning, offering a myriad of other uses and the potential for redevelopment in the future.
As a widespread return to office gains momentum in the second quarter of 2022, the confidence in office investments also rises. Investments in income-producing office product picked up significantly throughout 2021 and well into 2022, particularly in the highly sought after South Florida market, where office sales volumes in 2021 broke records. While institutional investors exercise caution due to uncertainties around inflation and rising interest rates, private investors remain ready to deploy capital. South Florida remains well-positioned to attract these investors due to its office supply-demand imbalance and rising rental rates.