Sale of postal facility yields $5.7 million profit- but not for the USPS

A city in Florida made a tidy profit from the sale of the former US Postal Service processing center in Pembroke Pines:

The massive postal distribution center here, which once processed tens of thousands of letters and parcels daily, will undergo a major transformation — and provide a healthy boost to city coffers.

In October the city bought the 27-acre site at the corner of Dykes Road and Pines Boulevard for $17.8 million. Tuesday, officials announced it sold the property to Terra World Developers LLC for $23.5 million, a profit of approximately $5.7 million. The sale will also move the property onto the city’s tax roll for the first time, generating about a half million dollars annually.

The city has also been collecting rent from the USPS, which still has a retail facility on the property.

For more details on this story, go to Save The Post Office.

Source: A largely dormant area will soon be brimming with construction as Pines sells 27 acres to developer – Sun Sentinel

  • The people are sick of it

    The Postal Service continues to sell off and dismantle its infrastructure at tremendously undervalued amounts . No one questions it as privatization is the agenda . Every politician in Washington is rich and getting richer

  • Guest

    And Sen.Diane Feinstein is making millions off the sale of Post Office buildings through her husband’s no bid contract with USPS management for their real estate brokerage firm.Follow the money.

  • Poor Richard

    Making money ain’t hard to do. All you have to know is how to buy something from a fool dirt cheap, and how to sell to another fool for a whorehouse price.