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At 17,000 square feet, the building is relatively small, showing that the unquenchable investor appetite for industrial space has led to a scarcity of big properties for sale, and investor willingness to turn to smaller buildings.
The city of West Palm Beach donated five parcels of land for the project.
As South Florida’s markets continue to strengthen from the migration of out-of-state developers, Colliers facilitated the off-market sale of the Himmarshee development site in Downtown Fort Lauderdale. Colliers’ Director Bradley Arendt and Executive Managing Director Mika Mattingly represented both the buyer, Heights Advisors, and the seller, 111 Property Group, in the transaction. “This was a […]
Paco Diaz with CBRE represented Plum Market in the lease.
The office park last sold in 1996 for $15,875,000.
Avison Young Principal Keith O’Donnell and Colliers Executive Managing Director Mark Rubin coordinated the off-market transaction.
“The property sold for close to $700 per square foot, which is noteworthy for an open-air strip center.”
M&M’s Drew A. Kristol and Kirk D. Olson had the exclusive listing to market the portfolio on behalf of the seller, a private Miami Beach-based ownership group. Olson and Kristol also procured the buyer, a private investment group based in Brooklyn, New York.
Slated to open at the end of summer 2022, guests will enter the genuine prohibition-era themed experience after securing a secret code and dialing it into a restored antique London-style red phone booth at the entrance.
The project is expected to cost over $500 million to develop.
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