90,000 SF Office / Warehouse Trades In $17.8 Million Deal

CBRE arranged the sale of Show Management, an office/warehouse asset totaling 89,950 square feet on 10.24 acres in Fort Lauderdale.
Long-term tenant Yachting Promotions, Inc., dba Show Management, is the largest producer of in–water boat shows in Florida.  The single-tenant property at 1900 NW 21st Street was sold by Ivy 1900 Associates, LLC to FEDEQ DV002, LLC, a Florida limited liability company, for $17.8 million.
CBRE also represented the buyer in securing $8.8 million in financing for the acquisition.

“With more than 10 years of secure income and three percent annual rent increases through an ‘absolute net’ lease structure, the 10-acre M-3 zoned Property offers investors the opportunity to acquire a mission critical asset with outside storage and reliable cash flows over the next decade,” said Dominic Montazemi, First Vice President, CBRE Investment Properties.

The same CBRE Investment Properties team also brokered Ivy Equities’ original acquisition of the Show Management asset in 2011, for  $10.9 million.
 

“Ivy Equities’ bet on the marine business, at a time when the industry was struggling, paid off enormously,” added Scott O’Donnell, Senior Vice President, CBRE Investment Properties.

Miguel Alcivar, Greg Miller, Harry Tangalakis, Tom O’Loughlin, Larry Dinner and Larry Genet, together with Mr. Hochman of CBRE Debt & Structured Finance, collaborated with Mr. Montazemi and Mr. O’Donnell in arranging the transaction.