Cushman & Wakefield announced that it has negotiated the sale of 5300 North Powerline Road, a 55,110-square-foot industrial showroom in Fort Lauderdale.
Executive Director Richard F. Etner, Executive Director Christopher Metzger, Senior Director Christopher Thomson and Associate Director Matthew G. McAllister represented seller The Easton Group in the transaction. Investor Dezer Development purchased the asset for $3.6 million, or $65.32 per square feet.
5300 North Powerline features open showroom space, 15-foot ceiling clear heights, dock-high loading, ample parking and is 100-percent air-conditioned. The building’s location provides excellent access to Interstate 95 and direct frontage on Powerline Road. The asset is currently occupied by Dirt Cheap, LLC.
“The Easton Group did a tremendous job positioning this asset for disposition,” said Etner. “Their efforts provided Dezer with the opportunity to acquire a high-performance asset with a tenant in place in one of South Florida’s strongest industrial submarkets.”
According to Cushman & Wakefield research, Broward County remains a target market for investors due to constrained supply and excellent market fundamentals.
“The Broward County industrial market displayed solid growth in key fundamentals with elevated leasing activity pushing absorption positive, vacancy down and rents up all supported by low unemployment,” wrote Senior Research Analyst Valerie Tatum in the firm’s recently released 1Q 2016 Broward County Industrial MarketBeat Report. “The delivery of new space to the market does not satisfy demand as tenant interest remained strong throughout the county. Cushman & Wakefield sees a rise in occupancy and net absorption for the remainder of the year, particularly in the core markets.”
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