SVN Commercial Partners Closes Oakland Park Industrial Sale

The Retail, Office, and Industrial (ROI) Group of SVN Commercial Partners announced the successful sale of West Oakland Park Small Bay Industrial, a property located at 1800-1838A NW 29th Street in Oakland Park.

Adam H. Klein and Elon Gerberg facilitated the transaction for both seller and buyer, valued at $4,450,000. This price underscores the strong demand for small bay industrial assets in the high barrier to entry market of South Florida.

The property, spanning approximately 27,100 square feet, was sold by Rafi Blum, a long-term owner of the building, to Hersh Equity Group.

The property is strategically located in a heavily industrial pocket, nearby the main Fort Lauderdale post office and a number of restaurants and other amenities.

The property has seen significant interest from buyers due to the rental rate upside, positive absorption and decreasing vacancies in Broward County.

“The property had short term leases with below-market rents providing a unique value-add opportunity for the buyer,” Klein said. “We received over 15 offers on the property continuing to show strong buyer appetite for industrial assets in South Florida,” he added.

This sale marks the ROI Group’s 10th closing in recent months amongst 9 currently marketed opportunities. The team has continued its strong activity in the face of a challenging market.

“Despite the challenges presented by the current macro conditions, we are pleased to continue to meet our clients expectations,” Gerberg said.

 

 

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