CBRE Arranges Sale Of Port 95 In Hollywood

Oct 11, 2017 No Comments by

CBRE executed the sale of Port 95, located at 2800-2880 Southwest 42nd Street in Hollywood.

The two-building industrial facility was sold to TA Realty for $21,000,000. The deal closed Oct. 6.

The seller, Principal Real Estate Investors, was exclusively represented by the CBRE Capital Markets team of Christian Lee, vice chairman, Chris Riley, vice chairman, and José Lobón, senior vice president.

 

“Port 95 is unquestionably the premier industrial distribution business park in Broward County” said Christian Lee, vice chairman Capital Markets with CBRE.  “The park is surrounded by three major highway systems –Interstate 95, Interstate 595, and the Florida Turnpike– as well as Fort Lauderdale International Airport and Port Everglades.”

Port 95 comprises two 24’ clear span height dock-high industrial distribution buildings.  A 46,280-square foot 110’ deep front-load building was 100 percent leased to Great Health Works at the time of sale.  A 105,109-square foot 280’ deep cross-dock building was fully leased to Primeline Distributors, Goodman Distribution, and Great Healthworks.

 

“TA Associates performed very well on this transaction. After being awarded this assignment, it took only two months to close the deal,” explained José Antonio Lobón, senior vice president Capital Markets with CBRE.

The fundamentals for industrial in Broward County remain incredibly compelling. The market has experienced four straight years of positive absorption totaling more than 10.6 million square feet. Over that same time frame, absorption has more than tripled new construction.  Broward County’s 3.2 percent industrial vacancy is among the lowest in the United States, and the lowest vacancy of any market in the state of Florida.

The CBRE South Florida Capital Markets team also included vice president Amy Julian, as well as financial analyst Joe Chick.  CBRE’s Miami Industrial Team of Tom O’Loughlin and Larry Genet assisted the CBRE team in marketing the property.

 

 

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Broward County Industrial / Flex, Industrial / Flex, Industry News
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