Thank you for sharing!

Your article was successfully shared with the contacts you provided.

For more retail coverage, click GlobeSt.com/RETAIL.

FORT LAUDERDALE, FL-Ratsmouth Realty Corp., a family-owned, Massachusetts-based private investment entity, sold Fidelity Investor Center for almost $3.9 million. The price tag for the 7,062-sf building at 2948 N. Federal Highway equals just over $545 per sf. The buyer, locally based Mobile Home Country Club GP, acquired it in a 1031 exchange.

This is one of 90 retail investor centers Boston-based Fidelity Investments operates in 30 states. Fidelity, the country’s largest mutual fund company, provides investment management, retirement and brokerage services from these centers. Nearly eight years remain on its lease at this property.

Mack Gaither, senior investment consultant at West Palm Beach-based RJS Realty Group, represented Ratsmouth in the negotiations. William Rotella of locally based Rotella Group negotiated for the buyer. “This represents one of the higher prices paid for a single-tenant building in South Florida,” Gaither tells GlobeSt.com. He attributes the price tag to a combination of the creditworthiness of Fidelity, the location and current cap and rent rate, which he did not disclose. According to Gaither, Ratsmouth acquired the building in November 2002 for just under $3 million, which is slightly less than $420 per sf to deliver a gain of $885,000 from this sale.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.