Reese Stigliano, Senior Vice President of Brenner Real Estate Group represented the Seller in the sale of 1.5 acres of vacant land to McDonald’s Corporation.
Stigliano was hired by the Trustee of the Estate of Claude Lanier.
The site is located in Pompano Beach at the intersection of NW 31st Avenue and MLK Boulevard at the entrance to the Florida Turnpike. The $1.05 million sale closed November 25, 2013.
The transaction was two years in the making. According to Reese, there were numerous obstacles to overcome.
“When I was hired by the trustee, the land was not platted. Platting is the process where governmental authorities review the parcel to determine if the existing infrastructure in place can accommodate the proposed development such as sewer, water, streets, traffic, etc. The process took over a year which included dealing with Broward County Planning Council, Florida Department of Transportation, and the City of Pompano Beach. It is a cumbersome process but was absolutely necessary to ultimately pull a building permit and construct a building.”
During the platting process the ownership entity went through some major changes.
“While we were negotiating with McDonald’s, the personal representative of the Estate passed away and I was left negotiating the deal with a committee of family members, all with their own personal agendas.”
“And then dealing with McDonald’s was very challenging”, said Reese. “They insisted on recording restrictive covenants on the adjoining land that was owned by the Estate. They did not want a competitor to locate next to their new store. Considering what McDonald’s sells, the question arises, who is not a competitor? We probably spent several months negotiating that clause in the contract.”
“Reese’s persistence and negotiating skill, dealing with family members, governmental agencies, attorneys and corporate decision makers is truly amazing” said Claude Lanier, Jr. one of the family members. “It took the tenacity of a bull dog to close this deal and he did it.”
