Coconut Fields, LLC purchased the Carl’s Furniture headquarters building located at 6810 State Road 7 in Coconut Creek, Florida for $12.7 million.
The mixed use building includes 80,000 square feet (sf) of retail space, 50,000 sf of office space and 270,000 sf of warehouse space, totaling slightly over 400,000 sf and making it one of the largest sales of 2012.
Carl’s Furniture will continue to operate its retail, office and warehouse operations in a portion of the building. Separately leased Carl’s Patio store, which is neither owned nor affiliated with Carl’s Furniture, has indicated that, after consolidating and selling inventory from other stores, it will probably vacate the premises. ParkCreek Surgery Center and Diagnostic Professionals, Inc. (dba Park Creek Imaging Center) will continue to operate at the property.
At a purchase price of less than $35 per square foot, Fields views its most recent acquisition as a strong addition to its portfolio. The greatest challenge for the new owners will be re-leasing the warehouse in the rear. With a footprint of approximately 210,000 sf, plus mezzanine space, the warehouse is massive. Mitigating this risk is the fact that the 10-year old building offers some of the highest ceilings in the market, with over 38 feet of clear space and available expansion land if desired. Plus, the warehouse is easily accessible from Hillsboro Road, providing access to both I-95 to the East and the Sawgrass Expressway to the South. These features present a unique opportunity for a warehouse/distribution user desiring to cater to the greater southeastern Florida market.
Comreal represented the property in the transaction.
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