CBRE Senior Vice President Larry Genet, Executive Vice President Tom O’Loughlin, and Senior Associate Jake Zebede represented Jaw Collective LLC in the sale of the Admiral Canvas Building, a 5,085-square-foot industrial warehouse located at 512 SE 32 Street in Fort Lauderdale, within the Marina Mile district.
The property sold for $980,000.
Helen Weissman, CCIM, First Vice President with CBRE represented the buyer, Nouveau Elevator, in the transaction. The deal closed June 16.
The 1961-built facility features a ±2,760-square-foot warehouse with 1 drive-in door, 3 phase power, and a ±2,325-square-foot second floor office area and is fully-gated and secure.
“Our team is pleased to have achieved a great price from an all-cash buyer who performed very quickly,” commented Genet. “I don’t think a lot of people know we work on smaller buildings. We are focused on setting the market in all categories.”
The building was previously occupied by the owner, Admiral Canvas, a custom marine canvas and upholstery company, which doubled in size and purchased a larger facility in the neighborhood. There is a shortage of similar smaller buildings for sale in South Florida which has led to substantial increases in pricing.
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