Berger Commercial Realty founder and president Lloyd Berger and broker Reese Stigliano, SIOR, along with Pat Montalbano of Montalbano Commercial Realty, represented Industrial Development International (IDI) in the purchase of 42 acres of land in Davie, formerly the Palma Nova mobile home park, for $20,689,000. The seller was Silver Oaks Land Owner LLC. The deal closed May 30th.
IDI has submitted plans to the Town of Davie to construct 700,000 square feet of industrial warehouses spread among four buildings on its newly acquired land, which is located at Southwest 56th Avenue and Southwest 36th Street.
“IDI saw the value in developing what may be Broward’s last major industrial Park,” Lloyd Berger said. “It has been some time since we’ve seen new industrial development in the county. IDI’s proven track record helps ensure this project will get built.”
The project is planned in two phases. Phase I includes a 122,175-square-foot building and 167,175-square-foot building on the western portion of the site, and phase II includes a 237,560-square-foot building and a 177,650-square-foot building on the site’s eastern portion. A timeline for construction has not yet been released.
Atlanta-based IDI, which has had a regional office in Fort Lauderdale since 1999, has developed more than 4.5 million square feet of business center space in Broward and more than 1 million square feet in Central Florida. The company is currently building a 264,000-square-foot warehouse in Miramar.
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