Levy Realty Advisors President/Broker Alan Levy and COO Josh Levy represented the Buyer in the purchase of Pelican Bays, a Class A, small-bay office warehouse complex located on SW 52nd Street in Davie.
The 8-building complex totals 197,000 square feet has a long history of stable occupancy due to its high quality and prime location near Interstate 595, Florida’s Turnpike, and the Seminole Hard Rock Hotel and is widely considered one of the finest small bay office/warehouse complexes in Broward County.
The Buyer, Pelican Bays LLC, also appointed Levy Realty Advisors exclusivity to manage and lease the property, which is currently occupied by approximately 120 tenants.
“After many years of building a relationship with the property owner, the timing and market conditions made it possible to convince the seller, who was the original developer of the asset, to let the transaction take place,” explained Josh Levy.
Josh Levy went on to explain that the seller, Charles Rowar, Trustee, had been approached by many prospective Buyers, but said that one of his motivations to select this particular Buyer was the personal relationship that he had built with the Levy’s over many years and he knew that Levy Realty Advisors, a 45-year-old family-owned commercial and industrial real estate company specializing in sales, management and leasing of the small bay industrial market throughout southeast Florida, was going to be awarded the management and leasing of the property upon closing and carry on his legacy and managing the property helped reassure the seller that his valued relationships with tenants would be honored and respected.
“This deal is one of the highlights of my 45-year career in the South Florida commercial and industrial real estate industry and represents a great addition to our South Broward warehouse portfolio as we continue to grow our footprint in the marketplace,” stated Alan Levy.
“It was a long and tough road to get this transaction to the finish line, but we are so proud of the work we have done together as a father-son team,” added Josh Levy. “The purchase price also represents a huge milestone for the industry, and I think $254 per square foot will catch a lot of people’s attention.”
The seller was represented by Norman Matus of Red Rock Realty.
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