CBRE Sells 22.7-Acre Industrial Service Facility ISF Megasite For $59 Million

CBRE Executive Vice Presidents Larry Genet and Tom O’Loughlin, along with Associate Noah Ohayon, negotiated the sale of a ±22.7-acre industrial service facility site located at 2501 Wiles Road in Deerfield Beach.

Chicago, Illinois-based Industrial Outdoor Ventures (IOV), a real estate investment and development company, purchased the site. No other brokerage firm was involved in the transaction.

The deal closed Oct. 11.

The site features I-2, Heavy Industrial Zoning, City of Deerfield Beach, LED site lighting and incredible highway accessibility. The existing asphalt plant and storage yard will be eliminated, and the site will be redeveloped into a Class A industrial outdoor storage facility. The new development will include two warehouse maintenance and service buildings and two office buildings which can accommodate one or two tenants. Currently, only four acres will be available for lease with the entire site becoming available May of 2023.

“IOV performed brilliantly executing this transaction,” commented Genet. “In a time where retrading sellers is commonplace, IOV performed without any issues due to their understanding of the market and best in class underwriting.”

 

“Infill ISF sites of this scale are extremely hard to come by, especially in a market as land constrained as South Florida,” added Anthony DeLaurentis of Industrial Outdoor Ventures. “When we were made aware of the opportunity, this was an immediate drop what you’re doing and act type deal, which is exactly what we did. The site has great versatility for a single or multi-tenant scenario, and we’re looking forward to working with the CBRE team as we hit the market for lease.”

In February, Industrial Outdoor Ventures purchased a 4.03-acre industrial zoned site located at 1801 NW 15th Avenue in Pompano Beach, Florida. Represented by Genet and O’Loughlin in both the purchase and lease, IOV purchased the site from a private investor and leased the entire property to MB United, a truck parking operation company.