Franklin B. Morrison Negotiates Sale Of Small Bay Warehouse Building To Investor
Morrison negotiated the sale on behalf of the sellers.
Morrison negotiated the sale on behalf of the sellers.
The properties, located at 3240 SE 6th Avenue and 501 SE 33rd Street in Fort Lauderdale were sold to an owner/user for $1,475,000.
The sale was a classic value-add opportunity with rents at 10-20% below market for small bay warehouses.
The 6,000-square-foot warehouse sold for $590,000.
A long term (20+ years) tenant recently signed a new 7-year lease starting January 1, 2021 with 3% annual increases at the property.
Morrison represented the sellers in the transaction.
The property and buildings will be utilized as an expansion for the Mesivta School of Coral Springs.
The property is located within Coral Springs Corporate Park.
Commercial real estate veterans Todd H. Weaver and Franklin B. Morrison have joined forces to launch Weaver Morrison Commercial Real Estate.
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