Maesel has stepped into the role in order to elevate the entire team. With a ‘Deliberately Different’ approach to commercial real estate, the company places culture over production not only with the ROI Group but the rest of the company, which features six offices and nearly 50 advisors.
The transaction was brokered by SVN | Commercial Partners’ Lydia Montaigne, along with co-brokers Michael Oretsky and Tom O’Loughlin of CBRE.
This transaction underscores the continued activity on the Treasure Coast, specifically in Port St. Lucie and Fort Pierce.
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.
The SVN Commercial Partners (SVNCP) Multifamily Team, comprised of Team Leaders Steven Paulsen, John Andrews and Junior Advisor Mason Highman, represented the seller in the sale.
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.