Vera Fund, LLC Acquires Federal Tower In Pompano Beach For $12.75M

The iconic Federal Tower office building, located at 1600 Federal Highway in Pompano Beach, Florida, was sold in a transaction brokered by Brian Batchelder and R. Stephen Hyatt of Berger Commercial Realty. The property sits on a 2.3-acre lot and spans approximately 68,711 square feet. The sale price for the building was $12,750,000, resulting in a price per square foot of $186. The buyer, Vera Fund, LLC, aims to renovate the building to attract medical and small office tenants. This marks the third property sold by Hyatt and Batchelder on behalf of the seller, Federal Tower, Inc.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $12,750,000
• Address: 1600 Federal Highway, Pompano Beach, Florida
• Market: Pompano Beach
• Acres: 2.3
• Buyer: Vera Fund, LLC
• Seller: Federal Tower, Inc
• Seller's Representative: Brian Batchelder & R. Stephen Hyatt - Berger Commercial Realty
• Broker: Nick Polyushkin - Vera Realty
• Square Footage: 68,711
• Price Per Square Foot: $186

This transaction involved key individuals in the real estate industry. Nick Polyushkin of Vera Realty represented the buyer, Vera Fund, LLC, while Brian Batchelder and R. Stephen Hyatt, both from Berger Commercial Realty, represented the seller, Federal Tower, Inc. This sale marks the third property successfully sold by Batchelder and Hyatt on behalf of the seller. The buyer's plan to renovate the building showcases their intention to attract medical and small office tenants to the iconic Federal Tower.