CBRE Executive Vice Presidents Larry Genet and Tom O’Loughlin, along with Industrial Real Estate Associate Sam Koss, negotiated the sale of a two building industrial warehouse park located at 5440 NW 33rd Avenue in Ft. Lauderdale, Florida, within Ft. Lauderdale Commerce Center.
Midtown Capital Partners purchased the ±61,325-square-foot asset for $10,500,000 from seller Meridian Realty Property Warehouses RLLP. CBRE represented the buyer and the seller in the transaction.
The transaction closed October 31.
“We could not have asked for a better buyer and seller to work with,” commented Koss. “Amidst difficult market conditions, Midtown, Rick Zorovich, and CBRE worked seamlessly together to ultimately get this through the finish line. Congratulations to all involved.”
The building was purchased by Meridian Realty Property Warehouses RLLP in 2015 for $4,350,000 through a 1031 exchange, which they plan on exercising once again.
“Midtown Capital is one of the most active and credible small bay industrial real estate buyers in the South Florida market. 5440 NW 33rd Ave will be a great addition to their portfolio,” added Koss.
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