Colliers closed this week on the sale of two industrial buildings located at 3000 and 3060 SW 2nd Avenue in Fort Lauderdale to Elion Partners for $14.85 million.
Executive Managing Director Mark M. Rubin, Director Bastian Laggerbauer and Financial Analyst Jake Stauber of the Colliers South Florida Investment Services Team, in collaboration with Executive Managing Director Steven Wasserman and Managing Director Erin Byers from the Industrial Services Group represented the seller, Apogee Investment Partners LLC., as well as the buyer, Elion Acquisitions, LLC., in the transaction. The buildings are currently occupied by CTS Engines, an industry-leading turbine engine maintenance, repair, and overhaul (MRO) company, with long-term leases in-place.
“The South Florida industrial market continues to flourish, with most industrial space achieving top leasing rates. Our team firmly believes that the market will continue to thrive, particularly mission-critical assets located in strong markets such as this one,“ said Rubin. “Due to the unique nature of the tenant and their industry, identifying the right buyer whose criteria aligned with the business was key.”
The two buildings that were part of the sale included a 60,000-square-foot repair facility recently renovated in 2019 and an 11,682-square-foot staging facility which are conjoined by a recently-constructed covered walkway. Combined, both buildings total 71,682 square feet and are situated on 2.62 acres of land. The properties are adjacent to Fort Lauderdale Hollywood International Airport, less than 3 miles from Port Everglades and approximately 30 minutes from the Miami International Airport.
“The properties are a great addition to Elion Partners’ current portfolio of quality industrial and mission critical distribution assets with flourishing and successful tenants as occupants as well as being located in a strong market,” said Laggerbauer.
Elion Partners is a vertically-integrated industrial specialist and sponsor of the institutional real estate investment vehicles. They are committed to the continual enhancement of firm resources including research, technology and talent, to better serve their investment partners, competitively positioning Elion’s investment vehicles. Elion Partners is minority-owned and have offices in Miami, Seattle, New York and Los Angeles.
The Broward County industrial market continues to thrive with low vacancy rates at 4.2 percent, high tenant demand and record absorption. These strong market fundamentals continue to attract investors, and the rising rental rates combined with a a dwindling supply of developable land have heightened investor demand causing industrial sales to achieve top dollar pricing. Mission critical assets like this one with long-term, target industry tenants, are highly sought after by investors and have become more challenging to find in today’s competitive industrial marketplace.
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