The Industrial Team at HFF led by Marty Busekrus has been awarded the listing for a 275,000 square foot portfolio referred to as Prospect Park, on behalf of an institutional seller.
The portfolio consists of 63,800 square feet of single story, walk-up office; 82,000 square feet of flex; and 128,500 square feet of industrial distribution space. The park is located just west of the Ft. Lauderdale Executive Airport in what is known as the Ft. Lauderdale Commerce Center.
“We’re extremely excited to market this deal as it’s one of the few deals of this size that has come to market in Broward County recently. Miami is white hot and investors are looking further north for value-added deals just like this,” said Busekrus.
Pricing guidance was not given but Busekrus simply stated it will trade for a fraction of replacement cost.
Busekrus continued, “The Broward County unemployment rate has dropped an astounding 18% in the past year and has dipped below the State average of 8%. We’ve turned the economic corner and this property has significant upside given the higher than market vacancy.
The property is not being advertised as of yet but is expected to be launched within the next week.
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