Cushman & Wakefield arranged the sale of a 155,508-square-foot industrial asset in Fort Lauderdale for $17 million. The warehouse/distribution center property nearly tripled in value since it last sold in 2014 for $6.5 million.
Cushman & Wakefield’s South Florida Industrial Team of Executive Managing Director Rick Etner, Executive Managing Director Chris Metzger, Executive Managing Director Christopher Thomson and Senior Director Matt McAllister represented the seller, Urso Family Realty, in the transaction. The buyer is 6001 Powerline, LLC.
Located at 6001 Powerline Road, the property is ideally located less than a mile from Interstate 95 and is also convenient to Florida’s Turnpike, Port Everglades and Fort Lauderdale International Airport. Built in 1970, the facility features 221 parking spaces, 32-foot clear heights and showroom space. The property was 67% occupied at the time of the sale.
“Urso Family Realty listed this property with us after Charles Urso sold his company, Marble of the World, which previously occupied 65,000 square feet in the building,” said Etner. “Despite the significant vacancy, not to mention the challenge of finding a buyer during a pandemic, we are pleased to have closed this sale for very close to the list price.”
“Rick, Matt and the Cushman & Wakefield team helped us achieve a significant return on investment with this sale at $17 million, which is nearly triple our original purchase price,” said Charles Urso. “We appreciate their effort and are pleased to have secured a sale price within a very close margin of our asking price, especially considering Covid-19’s impact on the commercial real estate market.”
Marble of the World recently relocated its Broward County headquarters from Fort Lauderdale to Pompano Business Center II, an IDI Logistics property located at 3001 West Copans Road in Pompano Beach.
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