“This was a quick listing and closing cycle, which demonstrates the strong demand for this type of high-barrier-to-entry product,” said Everett. “We were able to generate significant buyer interest and close the deal in two months, which reflects the continued strength of the South Florida industrial market.”
Read on for the most popular news headlines this past week on CRE-sources.
Approximately 75 employees report to the South Florida headquarters.
Construction of the 134,000-square-foot store is underway, with a projected opening in 2026.
The lease was expertly orchestrated by Jake Michels, Sales Associate, and Joseph P. Byrnes, Senior Vice President at Berger Commercial Realty, who represented the landlord.
The buyer plans to remove the Marriott franchise and convert the property to student housing supporting Florida Atlantic University.
Michael Alaoui, senior director investments in Marcus & Millichap’s Miami office, represented the seller and procured the buyer in an all-cash transaction.
The 12-story development will feature luxury studios, one-, and two-bedroom apartments along with 12,500 square feet of ground-floor retail.
CBRE’s Calum Weaver and Perry Synanidis represented the seller, IMC Equity Group, in the transaction.
Berger Commercial Realty Senior Vice President Joseph Byrnes and Sales Associate Daniel Forman negotiated the deal on behalf of the seller.