BOCA RATON, Fla., June 30, 2014 /PRNewswire/ -- The Herrick Company, Inc., one of the nation's largest real estate investment firms, announced that it has sold a two-acre oceanfront property in Pompano Beach, Fla., to a joint venture partnership for development as a residential condominium. Chris Wood of CBRE represented both the buyer and the seller in this transaction.
The site was sold by Herrick for $10.5 million, representing a significant increase in value from when Herrick first purchased the property in 2007 for approximately $4 million. This prime beachfront development site is zoned for 81 residential units.
"The southeast Florida market has been incredibly active, with strong interest in prime development opportunities from both foreign and domestic investors looking to capitalize on healthy demand, particularly in the condominium sector," said Norton Herrick, chairman of The Herrick Company. "We purchased this site in Pompano Beach when the market was heading into a down cycle, which allowed us to realize significant returns from its recent disposition."
Added Herrick: "We will look to redeploy the proceeds from this sale into new real estate opportunities, targeting oceanfront or intercoastal land sites in southeast Florida, as well as investments that will expand our portfolio of investment grade, single-tenant, long-term net leased assets throughout the country."
About The Herrick Company, Inc.
Founded more than 40 years ago, The Herrick Company, Inc. is a leading national real estate investment company that has completed more than $5 billion in transactions throughout its history. The company focuses on high quality, single tenant, net lease office, industrial and retail properties in key markets throughout the U.S., as well as prime undeveloped oceanfront and intercoastal land sites in Southeast Florida. Additionally, the company develops a wide range of project types — from condos to hospitals — and originates, structures and executes project financing for investment-grade tenants.
Through its affiliates, The Herrick Company builds and acquires green energy-related projects and power plants that utilize domestic, renewable fuel sources, such as biomass and solar, to produce electricity and alternative fuels. The company focuses on projects with power purchase agreements of 20 years or more. For more information, visit www.TheHerrickCompany.com.