Institutional Property Advisors Facilitates Broward County Office, Mixed-Use Asset Sale
The property sold for $40 million.
The property sold for $40 million.
The team secured the financing through Wells Fargo.
The park is approved for seven industrial and flex buildings totaling over 530,000 square feet.
Originally completed in 2016, the property was substantially renovated and repositioned in 2023 with more than $1 million in capital improvements.
The sale equates to roughly $281 per square foot of land.
The portfolio, purchased for $12,380,000, consists of approximately 77,450 square feet of industrial warehouse and industrial outdoor storage (IOS) facilities situated on more than 10.5 acres.
JLL Senior Managing Director Doug Okun and Executive Managing Directors Zach Winkler and Steven Hurwitz represented the ownership group, Vanderbilt Office Properties, in the new lease transactions and renewals.
River Rhoads, Daniel Cunningham, Evan Richardson, Dillon Majeski and Cory Sanchez of Marcus & Millichap exclusively marketed the property on behalf of the seller.
Easton & Associates Vice President Andrew Easton represented the landlords in all transactions.
An El-Ad affiliate paid $62.3 million for the property.
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