IRVINE, Calif./POMPANO BEACH, Fla. – April 3, 2014 – Auction.com, the nation’s leading online real estate marketplace, has sold the Pompano Merchandise Mart for $9,082,500.
The asset was sold for Pompano Lincoln Industrial during a three-day auction that concluded Feb. 26. The sale closed March 28.
Located at 2099 and 2101 West Atlantic Blvd. in Pompano Beach, the property is the latest in a growing volume of non-distressed commercial assets being sold by properties’ natural holders on the Auction.com platform.
“This deal marks Auction.com’s growth in the South Florida marketplace for stabilized, non-special servicer deals,” said Auction.com Vice President Michael Jimenez. “We expect our sales in the region to increase as demand, occupancy and rents continue to recover.”
The Pompano Merchandise Mart, 118,242-square-foot, four-building retail and flex center, sits on about 7.5 acres along Atlantic boulevard/State Road 814. The vacancy rate in Broward County was at 8 percent in the fourth quarter of 2013, down from 8.9 percent at the beginning of 2013.
As the economy and the marketplace improve, Auction.com is seeing a marked increase in the sale of non-distressed assets, particularly in Florida and California. Through Auction.com’s extensive marketing program and leading online platform, which bring together sellers and qualified buyers through a highly transparent process, the company is setting fair market value for retail properties in these regions.
The brokers on the sale were Jimenez and Auction.com Vice President Andre Cuadrado, both of whom are from the firm’s Miami office.