Pennsylvania developer pays $12M for Oakland Park landmark building – The Real Deal Magazine

Pennsylvania developer pays $12M for Oakland Park landmark building

Native developer Amos Chess offered the blended-use workplace building

3101 North Federal Freeway

An Oakland Park landmark simply offered for $11.6 million, property data present.

BrickBox Oakland Park LLC, led by Dan Deitchman, purchased the cylindrical 74,442-square-foot building at 3101 North Federal Freeway, which as soon as housed the Chateau Madrid nightclub and restaurant. Chateau Madrid featured artists like Louis Armstrong.

Deitchman owns BrickBox Improvement, a Pennsylvania-based actual property agency that renovates historic and distressed properties. Data present BrickBox assumed the vendor’s almost $7 million mortgage from Financial institution Leumi.

The vendor is Spherical Nook LLC, which is led by investor Amos Chess. The firm paid $10.four million for the KenAnn building in 2013. Earlier this 12 months, Deitchman and Chess filed plans to redevelop two former strip clubs in Oakland Park after town gained a 30-year authorized battle to shut the golf equipment.

The blended-use workplace building’s design was reportedly impressed by the futuristic cartoon, The Jetsons. It was inbuilt 1968 by developer Kenneth G. Burnstein and sits on about 2.5 acres, together with floor parking.

The building, which is now anchored by Citibank, has been residence to different eating places and golf equipment like The Rooftop and Sizzling Chocolate.

Deitchman purchased the property at a time when the office market in South Florida is stabilizing. Workplace emptiness charges are falling and asking rents inching up, in keeping with Colliers Worldwide South Florida’s second quarter reviews.

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Pennsylvania developer pays $12M for Oakland Park landmark building - The Real Deal Magazine