Wolfe helped broker the $3.3 million sale of a free-standing Plantation store building occupied by book seller Borders. He represented the seller, CJM-Plantation, led by Charles Miller. IMOB Investments was the buyer.

Details:

“Really, we were looking for a needle-on-a-haystack type buyer,” Wolfe said. “We were looking for somebody who was just looking for security and not any sort of immediate return at all.”

They were fortunate when Key Biscayne broker Alan Sakowitz brought in IMOB, an investor he had previously represented.

Borders pays close to $380,000 a year in rent, of which most of it goes to pay the mortgage, property taxes and insurance, Wolfe said. After those expenses are paid, IMOB will end up with about $24,000 a year — about a 1.5 percent return, he said. IMOB will reap the benefits of the deal in 2019 when the mortgage on the property is to mature and the investor will own the building free and clear.

“At the end of the rainbow there is a pot of gold … with a very nice cash flow,” he said.

He said the buyer, a foreign investment group was looking for a property with a stable tenant to park its capital for preservation. Borders has nine years left on its 20-year lease and an option for renewal.

Wolfe began marketing the property at 12171 W. Sunrise Blvd. in mid-January. The deal required a buyer able to assume the existing $2.2 million mortgage on the property held by Wilmington Trust Co. The property only generated enough income to cover the debt, so it was a challenge finding a buyer interested in a property that barely produced any return on investment.

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