Marcus & Millichap Real Estate Investment Services, in cooperation with Butters Realty & Management, has brokered the sale of a fully leased industrial building portfolio developed and owned by an affiliate of the Butters family.
The purchaser was Industrial Income Trust Inc. (IIT). The four-building, 208,590-square-foot portfolio closed at $18.9 million, which equates to approximately $90 per square foot.
The properties included in the transaction are:
- Tamarac Business Center: 125,000 square feet; 6701 Nob Hill Road, Tamarac
- Tamarac Commerce Center: 49,100 square feet; 6501 Nob Hill Road, Tamarac
- Sunny Morning Foods: 10,000 square feet; 5330 NW 35th Ave., Fort Lauderdale
- Sun Sentinel building: 24,490 square feet; 3585 NW 54th St., Fort Lauderdale
Malcolm Butters, president of Butters Realty & Management, in conjunction with Douglas K. Mandel, vice president of investments in Marcus & Millichap’s Fort Lauderdale office, brokered the sale.
“We are excited about starting our relationship with IIT on this Broward County acquisition as well as with working with them on their new Miami development,” says Butters. “IIT is quickly becoming one of the most active industrial REITs in the United States.”
“The industrial sector’s inherent stability, ties to growth-leading industries, and higher spreads relative to the cost of debt continue to create investor interest,” adds Mandel. “This portfolio is a well-positioned and diversified group of properties, featuring an excellent blend of single-tenant and multi-tenant assets across an array of product types, including warehouse, flex and cold-storage distribution.”
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