56,000 SF Flex Facility In Powerline Business Center Trades

Cushman & Wakefield has completed the sale of a 55,576-square-foot flex facility located at 2939–2999 North Powerline Road in Powerline Business Center.
Executive Director Rick Etner, Executive Director Chris Metzger, and Senior Director Christopher Thomson represented Bigfoot Properties, Inc. in the sale of the building to Friedkin-Medley, KKC.
OREXCO served as Qualified Intermediary (QI) in the Section 1031 exchange, which was valued at $3,350,000.
2939–2999 North Powerline Road was built in 1993 and renovated in 2013. It sits on 3.28 acres and is zoned B–4 (Heavy Business). The building features 24’ clear ceiling heights, 124 parking spaces and excellent visibility on North Powerline Road. At the time of sale, the facility was 93 percent occupied.
 

“This transaction is further evidence that the North Broward submarket remains strong,” said Etner. “Investors in this market don’t just have an appetite for Class A, institutional, distribution buildings,” explained Etner. “They also want flex space. Flex space can accommodate thriving retail industries – such as carpet, tile, and cabinet shops – which desire a warehouse component, good central distribution characteristics, and retail walk-up frontage to help boost their business.”

 

————————-

Get the latest industry news and information from CRE-sources delivered right to your email inbox! And we promise…no more than one email each morning. Just follow the instructions below.

Enter your email address: