The 4,502-square-foot live-work, loft-style industrial building—located at 437 NW 1st Avenue—was sold by the Charles L. Peet Revocable Trust.
Currently home to two vacant multifamily buildings, the property will be demolished to make way for a new high-end development featuring exclusive residences.
The buyer plans to develop the property into a 4-building self-storage facility, with plans already approved for a 150,000 square foot self-storage complex.
This sale continues to showcase the strong demand for multifamily properties in the Fort Lauderdale area, particularly those with long-term tenants, which this property features.
The sale highlights the continued strength of the industrial real estate market in Fort Lauderdale, driven by increasing demand for warehousing solutions.
The lease was facilitated by Berger Commercial Realty/CORFAC International’s Senior Vice President Keith R. Graves, CCIM, SIOR, and Vice President Lawrence Oxenberg, who represented Solotech in this transaction.
The new agreement secures 83,793 square feet of space, which includes an expansion of 14,560 square feet.
The sale was conducted as an all-cash transaction, underscoring the strong demand for real estate in this vibrant market.
The transaction was facilitated by Berger Commercial Realty/Corfac International Senior Vice President Stephen Hyatt, who represented the seller.
“This off-market sale was uniquely timed, allowing both parties to capitalize on the opportunity.”