The building has seen booming business for the last fifty years, but now the business is planning to serve their clientele elsewhere as a strategic business move.
The asset totals 259,458 square feet on 14.31 acres in Broward County’s Cypress Creek submarket.
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Stigliano was also able to refer the Buyer to a lender that specialized in medical owner-occupied buildings. The lender provided the first mortgage which included additional funds for tenant improvements at a very low interest rate which made the transaction even more attractive.
A long-standing 44,000-square-foot tenant at the 515,000-square-foot Lauderdale Lakes Industrial Park, which is managed and leased by Levy Realty Advisors, purchased the building.
CBRE Executive Vice President Robert Smith, Senior Vice President Kirk Nelson and Executive Vice President Jeff Kelly have been named exclusive leasing agents for the project.
Bank of America purchased the asset on behalf of a client, and JLL will lease the property for the new owner.
Comerica Bank anchors the asset.
The deal marks a 12,000-square-foot expansion.
The multifamily community was constructed in 2016 and features three distinct floor plans averaging 993 square feet.