FT.LAUDERDALE, FL--Boca Raton-based Fimiani Development Corp.brokered the sale of a two-story, 22,688-square-foot-officebuilding near Port Everglades in Ft. Lauderdale for $2 million orabout $88 per square foot. Fimiani, which was also the receiver forthe building, represented the lender, Turnberry Bank of Aventura,Florida, in the foreclosure sale which took place in mid-May. Thebuyer was a Miami-Dade group of investors in search of distressedassets. The former owner of the building was a Broward County (Ft.Lauderdale area) investor.

The roughly seven-year-old property at 777 SE 20^thStreet, which was 25% occupied when it was sold, caters to marineindustry businesses, says Mike Fimiani, president of FimianiDevelopment. The building’s low occupancy rate was the resultof market conditions and the previous owner not making enough of aneffort to lease space in the building or actively manage it, hesays.

The building is in a great location and had been well-occupiedat one time, says Fimiani. Since his company began to managethe building last November, when it went into receivership, therehave been three new tenants, he says. “Now that the property isbeing actively managed, I expect it to be leased up in the next 12months and to perform well,” says Fimiani.