“The Buyer plans to make capital improvements to the property,” explained Thiel. “These small bay warehouses/apartment properties are rare and great investments to have in today’s market.”
Larry Genet and Tom O’Loughlin with CBRE represented Industrial Outdoor Ventures in both the purchase and lease of the property.
Genet Property Group purchased the small bay warehouse.
“These highly regarded industry professionals bring decades of experience and local market knowledge that will prove to be invaluable as we continue to grow our regional portfolio of state-of-the-art industrial real estate assets in order to meet ever growing market demand.”
The building features approximately 8,000 square feet of office and 19,000 square feet of warehouse space on 1.3 acres.
A full-service personal injury, product liability, and consumer advocate law firm, purchased the building.
Seagis plans to break ground on a 51,100-square-foot, state-of-the-art, highly functional industrial facility to complete the approximately 200,000-square-foot industrial park.
The properties include 16 warehouses, spanning 23 acres in total.
The building was originally built in the mid-seventies.
This acquisition expands Seagis’ South Florida regional foothold to 112 logistics properties, totaling more than 6 million square feet of investment-grade industrial space.