As Fort Lauderdale faces a scarcity of available commercial investment properties, savvy investors are redirecting their focus towards well-located assets in surrounding submarkets, particularly Oakland Park.
With his experience as a restaurateur, expertise in commercial real estate and owning his own firm in Chicago for over 20 years, he brings a unique perspective and acumen to the hospitality industry.
The industrial flex warehouse located along NE 189th Street in the high barrier-to-entry market of Aventura (Miami MSA) offered both stable income with additional upside, given the size and liberal zoning of the parcels as well as the prime location and strong opportunity for redevelopment.
The transaction equated to $176,944 per unit.
Klein and Gerberg represented the buyer, Brickbox Management LLC, in the transaction.
NewRock Real Estate Partners LLC and Brickbox Properties purchased the asset from Schulz and Schulz Realty.
The property sold for $532 a square foot, which reflects a 4.11% cap rate.
The fully-occupied retail plaza features 138 feet of frontage along North State Rd 7 (US Highway 441), benefiting from a daily traffic count of over 52,000 vehicles.
Combined, the entities have a primary market area that covers all of south and southwest Florida with a combined 4 offices.
With a sale price of ±$185 per square foot, the sale established a new high watermark for small bay warehouses.