“As Port Everglades Distribution Center was nearing completion, Challenge Warehousing initially agreed to terms to lease half of the new building. Within one month of leasing 41,099 square feet, Challenge won some new customers and they quickly decided to lease the entire building,” explained Conte.
The long-term lease brings Building A to 100% occupancy.
Tom O’Loughlin of CBRE represented the landlord, GPT SW 12TH AVENUE OWNER LLC, in the lease deal.
JC Conte, SIOR and Brian T. Ahearn, CCIM represented the tenant in the lease deal.
Senior Vice President Keith Graves, CCIM, Vice President Jonathan Thiel , Sales Associate Lawrence Oxenberg and Sales Associate Daniel Forman will serve as the exclusive leasing agents.
NAI/Merin Hunter Codman, Inc. Chairman Neil E. Merin, SIOR, CCIM and Managing Director Adam Starr finalized the lease transaction.
Avison Young Principals John K. Crotty, CCIM; David Duckworth; Michael T. Fay, who is also Managing Director of the firm’s Miami operations; and Vice President Brian C. de la Fé represented Alton Road Invest, LLC, during the disposition
South Florida-based Two Roads Development acquired the 3.5-acre prime waterfront site with plans for an ultra-luxury branded residential property.
A new lease deal for 98,012 square feet brought the 677,318-square-foot logistics park to full occupancy.
The seller achieved 25% asset appreciation in 14 months with a strategic value-add plan.