Addiction treatment firm Banyan buys Pompano Beach office tower for $6M
An entity tied to a drug and alcohol addiction treatment provider bought an empty office building in Pompano Beach sold for $5.9 million.
Banyan Corporate Center LLC, which shares an address with Banyan Treatment Centers, bought The Tower at Avery Place, formerly called Atlantic Tower, at 225 North Federal Highway, records show. Built in 1973, the eight-story tower has 53,000 square feet of leasable space.
The seller is a company tied to Scott Brenner, an EVP with CBRE based in Boca Raton. The seller bought the property in 2000 for $4 million.
Banyan Treatment Centers’ headquarters is in Pompano Beach, less than a mile away from the office tower. Banyan has locations in Florida, California, Massachusetts, Pennsylvania and Illinois, according to its website. The center has a few celebrity advocates, including skateboarder and actor Brandon Novak and Mike “The Situation” Sorrentino from MTV’s “Jersey Shore” reality show.
After publication, a Banyan spokesperson said Banyan Treatment Centers will be moving its corporate offices to the office tower, and will keep its current corporate offices as a rehab center.
The newly purchased building was put up for auction in July with Fisher Auction Co., with a $5.5 million minimum bid. It was previously asking $12.9 million.
According to information provided for the auction, the building is on 2 acres and was updated in 2001 and retrofitted into an Everest University career college. After Everest opted not to renew its lease, which expired in 2017, Meyers Group bought a portion of the property, and in 2019 turned it into a 144-unit apartment building with monthly rents starting at $1,750.
That apartment building, Avery Pompano Beach, shares a four-story parking structure with the sold office tower. The apartment building and an HSBC bank onsite were not part of the sale.
A document provided with the auction said the building can expand by about 40,000 square feet and be converted into an assisted living facility, a hotel or apartments. Market rents include $12 to $17 for office space, $14 to $19 for medical offices and $27 to $30 for retail.
Pompano Beach is seeing some major development projects. In June, the developer of a 122-unit multifamily project in Pompano Beach with workforce housing got the green light after a redesign.
In April, Invesca scored a $102 million loan from Madison Realty Capital for two South Florida multifamily projects, one of which is a 214-unit apartment project in Pompano Beach.
That same month, Stellar Communities scored $10.6 million in financing for its Pompano Beach townhomes.