Colliers Senior Vice President Lauren Pace represented the tenant, Badcock Economy Furniture Store, Inc., in negotiating the renewals. The deals mark Pace’s first large tenant-rep transaction since joining the firm in late 2022.
The new joint venture adds 13 properties totaling ~299,000 square feet to Tricera Management’s portfolio.
The sale includes an industrial property which includes a vacant 224,560-square-foot building and approximately 23.2 acres of land.
The park was 80% occupied when Feldman Equities acquired the property about two years ago.
The tenants will occupy a combined 7,400 square feet at the soon-to-be-completed mixed-use development.
The transaction marks the largest office lease renewal completed in Broward County since 2019.
The Class A infill industrial portfolio consists of seven buildings totaling 677,789 square feet.
The Rok organization has maintained a strong national real estate presence for more than 50 years, with notable accomplishments ranging from being a major stockholder of a local community bank in South Florida to purchasing more than $700 million of distressed debt from 2008 to 2013.
Here are the most popular news headlines this past week on CRE-sources.
Groundbreaking on the project will begin in the third quarter of 2024, with a scheduled completion date at the end of 2025.