CBRE’s Genet, O’Loughlin Negotiate Record Price In Sale Of Former Post Office Building
CBRE Senior Vice President Tom O’Loughlin and Vice President Larry Genet negotiated the sale the Former Post Office Building located at 4350 North Andrews Avenue in Oakland Park, to a new-to-market company.
Andrews Ave. Estate LLC, dba Panda Kitchen & Bath, a kitchen and bathroom supply store, purchased the property for $2,500,000, or approximately $123.00 per square foot.
O’Loughlin and Genet represented the seller, RLC LTD, in the transaction, which closed March 2.
The one-story, 20,368-square-foot Class C building, which is situated on 2.34 acres, was built in 1965 and has been used as a post office facility since 1996. The building offers direct frontage on Andrews Ave., with 20,500 cars passing per day. The single tenant, freestanding property features 14′ -16′ ceiling heights and a parking lot that can accommodate 106 parking spaces.
“The building was in poor condition with all kinds of specialized build-out by the prior tenant, the United States Post Office,” explained Genet. “It took some serious vision and strategic planning to develop a custom marketing program that relied heavily on digital renderings. Ultimately, that plan generated multiple offers for sale and lease.”
“This is the third residential construction-related deal our team has done in the past two months,” added O’Loughlin. “Stone & marble, cabinet, fixture and furniture companies are all experiencing tremendous growth with the addition of thousands of apartment and condo units being built this cycle.”
According to its website, Panda Kitchen & Bath’s philosophy is to save the customer money by owning the quarry and manufacturing plant, thereby providing the best quality product and the best service at the fairest price, allowing customers to afford quality kitchens and bathrooms that they couldn’t afford before.
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