The tenant will be relocating and expanding from its current location at Miramar Park of Commerce.
The purchase price was $35.02 million, in excess of $375 per square foot of leasable space.
BOMA, the Building Owner’s and Manager’s Association of Ft. Lauderdale and the Palm Beaches, held its annual TOBY (The Outstanding Building of the Year) gala on Friday, November 11, to award top performers in building management and operations.
Morrison negotiated the sale on behalf of the sellers.
CBRE’s Tom O’Loughlin, Larry Dinner and Larry Genet are the leasing agents for the project.
“As Port Everglades Distribution Center was nearing completion, Challenge Warehousing initially agreed to terms to lease half of the new building. Within one month of leasing 41,099 square feet, Challenge won some new customers and they quickly decided to lease the entire building,” explained Conte.
CBRE’s Larry Genet, Tom O’Loughlin, and Noah Ohayon negotiated the sale.
Chris Metzger, Rick Etner Jr., Christopher Thomson, and Matt McAllister of Cushman & Wakefield’s South Florida Industrial Team represented the landlord in the lease negotiations.
The portfolio totals 895,958 square feet.
“These two industrial assets offer an exceptional value-add opportunity in both of these booming industrial markets,” commented Alex Redfearn, Principal and Founder of Redfearn Capital. “Our team was able to secure both properties off market and execute in a challenging economic environment.”
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