Patrick Bet-David Acquires Office Building In Fort Lauderdale For $25.2 Million With A.J. Belt As Buyer's Rep

The transaction involved an office asset located at 1200 Northwest 62nd Street in Fort Lauderdale. The property consists of a 20,150-square-foot class A office building and an attached 18,048-square-foot private hangar. The hangar can accommodate up to four planes and includes a luxury 2-bedroom, 2-bathroom apartment with views of the runway. The sale price was $25,200,000, translating to a price per square foot of $1,250. The land is also zoned for additional airplane hangars or industrial development, presenting a prime development opportunity.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $25,200,000
• Buyer: Patrick Bet-David
• Seller: B. Riley Advisory Services
• Buyer's Representative: A.J. Belt - Cushman & Wakefield
• Seller's Representatives: Michael Fay, John Crotty, David Duckworth, Brian de la Fe, Philip Shapiro - Avison Young
• Square Footage: 20,150
• Price Per Square Foot: $1,250
• Date of Sale: 09/20/2024

This sale was noted as a bankruptcy sale of a mixed-use property. The representatives involved brought significant expertise, with the seller's team consisting of professionals from Avison Young who effectively facilitated the transaction.