Franklin B. Morrison Negotiates Sale Of Five-Building Small Bay Warehouse Portfolio To Investor
The sale was a classic value-add opportunity with rents at 10-20% below market for small bay warehouses.
The sale was a classic value-add opportunity with rents at 10-20% below market for small bay warehouses.
The plaza totals 11,975 square feet.
Bridge’s growing South Florida asset management portfolio currently spans 5 MSF+ of Class-A industrial space.
CBRE’s Larry Genet, Tom O’Loughlin, and Jake Zebede represented the owner in the sale of the industrial warehouse.
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The leases bring Hillsboro Technology Center’s Building E, a 123,290 square foot industrial building and Building F, a 151,852 square foot industrial building, to 100% leased.
GAL Enterprises of Plantation, LLC sold the unit in an off-market deal.
“Like any great deal, this one was 5 years in the making. It was an extreme lesson in perseverance,” commented Genet.
The transaction closed June 9 for $9,075,000, or $118 per square foot.
The sales price equates to $193.00 per square foot.
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