Marcus & Millichap announced the sale of a four-building, 56,988-square-foot industrial portfolio located in Margate.
The 4.99-acre property sold for $10,750,000 or $190 per square foot.
The Mears Parkway industrial portfolio is fully occupied with a diverse mix of 46 tenants on short-term leases. The buildings, constructed in 1979 and 1986, have been owned and operated by the current owners since 1998. This is the first time the property has sold since it was established over two decades ago.
“This trade illustrates the continued, frenzied demand for industrial space throughout the state of Florida,” said Tyler Kuhlman, senior associate in Marcus & Millichap’s Fort Lauderdale office.
Kuhlman, along with Douglas K. Mandel, executive managing director, exclusively represented the seller, RRK Properties. The buyer was Cabessa Realty Investments.
“Lack of quality industrial inventory coupled with surging buyer demand continues to drive prices in the industrial sector throughout South Florida,” added Mandel.
Mears Parkway is located at 2200 Mears Parkway in Margate. It is strategically located in central Broward, near Florida’s major north/south thoroughfares, including the Florida Turnpike, North State Road 7, and Coconut Creek Parkway. Each unit offers a mix of 75% warehouse and 25% office space with a private bathroom. Additionally, the property features 16-foot clear heights with 10’ x 10’, grade-level, roll-up doors, and ample parking.
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