A finance group selected a fully rented Fort Lauderdale retail building for $7 million, the first time the property has changed hands in nearly 40 years. One of the co-workers in the family firm that sold the property is a former New York State Parks commissioner.
The Aventura-based buyers, led by Sebastian Guejman, acquired the 27,000-square-foot building at 2860 North Federal Highway in an off-market deal. The building did construct in 1969 on 1.1 acres.
The seller was an affiliate of Castro Properties of New York. Castro Properties invests in retail, office, and industrial real estate in New York, Virginia, and Florida. Bernadette Castro, one of its partners, served as New York State Parks and Recreation commissioner from 1995 to 2006. She purchased the property in 1986 for $160,000 then transferred the ownership to the Castro Properties affiliate in early 2000.
The one-story building has been leased to Ferguson, which sells bath, kitchen, and lighting appliances, for over a decade.