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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.
The 100-percent-leased Deerwood Town Center is anchored by a strong-performing Fresco y Mas and Home Depot and also includes Amped Fitness, Pet Supermarket and TD Bank.
The leases include six new-to-market tenants, two market relocations and numerous lease renewals and expansions, Laurel Oswald, Jon Blunk and Cristina Glaria of TCRE exclusively represent the landlord, Alliance HP.
Cushman & Wakefield’s Greg Miller, Scott O’Donnell, Mike Ciadella, Dominic Montazemi, and Miguel Alcivar represented both the buyer and seller in the transaction.
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