Cushman & Wakefield, CBRE Arrange Sale Of West Stuart Business Center

Cushman & Wakefield has arranged the sale of West Stuart Business Center, a 91,720-square-foot small-bay industrial property on 8.5 acres at 7805 SW Ellipse Way in Stuart, with the assistance of CBRE.

The sale price was not disclosed. The property last sold in 2017 for $ 1,480,000.

The property is located within Treasure Coast Commerce Center, a  ±64 acre business and industrial park. West Stuart Business Center was constructed in 2020 and is ideally situated along Interstate 95 with over 500 feet of linear frontage to the major highway.

Greg Miller, Scott O’Donnell, Mike Ciadella, Dominic Montazemi and Miguel Alcivar of Cushman & Wakefield along with Kirk Nelson and Robert Smith of CBRE represented the seller. The property was sold by West Stuart Business Center LLC and acquired by Avid Asset Management LLC.

“The niche small-bay light industrial asset class remains in high demand by occupiers as these buildings can accommodate a variety of user types that remain extremely prolific given South Florida’s growth pattern. Thus, this property segment is experiencing outsized rent growth and increasing recognition and demand from ever more sophisticated investors. Additionally, the lack of newly constructed small-bay supply coupled with scarcity of cost-effective land positions and increasing construction costs will provide West Stuart Business Center a competitive advantage and create a tremendous mark-to-market opportunity,” said Greg Miller, Director at Cushman & Wakefield.

West Stuart Business Center includes 112 individual units ranging from 588 to 1,120 square feet, spread across six buildings that were 97% leased at the time of sale.