The property was acquired as part of Stiles’ recently announced acquisitions strategy, which targets value-add retail properties in Florida. A detailed renovation is scheduled to begin early 2025.
The buyer plans to develop the property into a 4-building self-storage facility, with plans already approved for a 150,000 square foot self-storage complex.
The four-story, 93,219-square-foot boutique office building traded for $20 million.
Native has more than tripled its number of brokers in the past year and is actively interviewing senior commercial real estate brokers in Broward and Palm Beach counties.
The park encompasses four warehouses that are 65% leased to six tenants.
The property includes 58,446 square feet of rentable space across two buildings on 5.23 acres.
Colliers’ Stephen Rutchik represented the long-term tenant in the lease renewal. JLL’s Steven Hurwitz, Doug Okun, and Madeline Fine represented the landlords in the lease transaction.
Both projects total a combined 832,000 square feet.
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The firm will be taking 22,614 square feet of space at the Class A office building.