Michael Lev Acquires Retail Asset In Pompano Beach From John Castellano For $9.2M

The property asset involved in this transaction is a retail space located at 2501 Federal Highway in Pompano Beach. The sale was finalized at a price of $9,200,000, with a total square footage of 4,707, resulting in a price per square foot of $1,954.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $9,200,000
• Buyer: Michael Lev
• Seller: John Castellano
• Broker Representatives: Michael Talbert, Charles Moody, Jarett Zackman, and Joseph Pellecchia - Vero Capital Group
• Market: Pompano Beach
• Asset Sale Highlights: Included a Crown Castle cell tower, Clear Channel billboard, and Raising Cane's ground lease
• Total sale price of cell tower: $3.7M at a 27x multiple
• Blended cap rate for the Cane's and billboard: 4.60%
• Package sale amount for Cane's and billboard: $5.5M

This deal involved multiple components, with notable parties including the buyer Michael Lev and seller John Castellano. The brokers from Vero Capital Group played a crucial role in managing the complexities of the transaction, bringing together various lease agreements and parcels to structure the final sale.