Seasoned real estate veteran Scott Sherman has officially launched Torose Equities, a Miami-based real estate investment firm with a value-add urban retail, office and mixed-use strategy targeting the Southeastern United States.
CBRE’s Larry Genet, Tom O’Loughlin, and Noah Ohayon negotiated the sale.
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The company only plans to use about half of the space to house a showroom and its headquarters, now in Pompano Beach and sublet the other half, subject to the landlord’s approval.
The 159,722-square-foot, 9.2-acre property built in 1989 last sold in 1996 for $7.2 million.
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 parcels sold for a total of $7 million which, coupled with the recently acquired 1.6-acre riverfront property on 7th Street, brings Newgard’s total land investment to $57.5 million.
Raul Bode and Alexander Bernaldo, SIOR, represented the seller, 6450 Building, LLC and Alex Shather of Politan Real Estate LLC represented the buyer, Rene Hernandez, in the transaction.
The portfolio totals 895,958 square feet.
Cary Cohen, Executive Vice President of Blanca Commercial Real Estate exclusively represented the seller, Blue Lagoon Investments, LLC., in the transaction.