As demand for office and industrial investment properties in Broward County continues to climb due to land scarcity and record-high investment activity, Colliers recently closed on the sale of the Southern Cross Portfolio, a three-building warehouse/office complex totaling 20,280 square feet in Fort Lauderdale.
Colliers South Florida’s Executive Vice-President Robert Listokin represented the sellers, PRF Holdings, LLC, and Levy Realty represented the buyer. The property was purchased at market price. PRF Holdings, LLC plans to relocate to a much larger +/-40,000-square-foot manufacturing facility that Listokin sold to them in 2021 for $5.8 million.
“The investor was able to outbid several other users that had an interest in the property,” said Listokin. “This transaction is a key indicator of just how strong the industrial market is now as investment properties are becoming harder for buyers and investors to find as well as for tenants that are now paying premium rates.”
The Southern Cross Portfolio includes a 3,314-square-foot warehouse building, a 7,459-square-foot office/showroom building, and a 10,047-square-foot warehouse. PRF Holdings previously utilized the entire complex to manage their growing business. All three buildings are fully air-conditioned, in excellent condition and adjacent to the Lockhart Stadium and Fort Lauderdale Executive Airport.
PRF Holdings, LLC is the entity that owns Southern Cross Aviation, a worldwide aircraft parts distributor that has been serving the aviation industry for over 30 years.
Population growth, high tenant demand and land scarcity have attracted record-high investment activity in Broward County. In the first quarter of 2022, industrial sales volume reached $378 million across 19 transactions in Broward County. When compared to the first quarter of 2021, industrial sales activity recorded $206 million across 21 transactions. This significant increase in sales volume is reflective of the premium pricing and high investor demand for industrial product in Broward County.
Get the latest industry news and information from CRE-sources delivered right to your email inbox! And we promise…no more than one email each morning.
And we promise…no more than one email each morning.