CBRE Sells 8.4 Acre Site Fronting I-95 To Industrial REIT

Nov 18, 2018 No Comments by

CBRE Senior Vice President Larry Genet, Senior Vice President Tom O’Loughlin, Executive Vice President Robert Smith, Executive Vice President Jeff Kelly and First Vice President Kirk Nelson negotiated a sale on behalf of HS-Pompano FL LLC, a 47,000-square-foot metal building on 8.4 acres along I-95 at 1200 NW 15th Street in Pompano Beach.

 

 

Genet

O’Loughlin

Smith

Kelly

Nelson

 

“The combination of our two teams resulted in no less than eight solid offers for lease and sale,” commented Genet. “This is the second tract of land our team has sold in the last few months with two others pending a sale – all of which will be slated for speculative warehouse developments in order to meet growing tenant demand.”

Chicago Illinoi-based First Industrial Realty Trust, Inc, a leading Industrial REIT, purchased the site any may consider a redevelopment of the site in the future. No other broker was involved in the transaction.

 

“We owned a two-parcel asset with an older industrial building that was leased to a national company for 15 years,” explained HS-Pompano FL LLC Principal Peter Alevizos. “With excess land and the lease coming up for renewal, we needed a multi-faceted firm to help us find the best course of action. We worked closely with Robert Smith, Larry Genet and their teams for some time trying to determine whether to lease, sell, rezone, develop or pursue a multi option strategy for this project. Throughout the process, they presented multiple leasing and sale offers to consider. In the end, we sold for what we felt was a strong price. We are now seeking a 1031 exchange and other entrepreneurial projects with this and other capital.”

In April of 2004, HS-Pompano FL LLC purchased a portfolio of properties from CBRE. Since that time, Peter Alevizos has been working to create value at the projects culminating in this sale and other newly signed leases.

 

 

————————-

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.

CLICK HERE TO SUBSCRIBE TODAY!

 

 

Go Ahead...Share!
  • email
  • Print
  • LinkedIn
  • Twitter
  • Facebook
  • Google Bookmarks
  • RSS
  • Add to favorites
Broward County Industrial / Flex, Industrial / Flex, Industry News
No Responses to “CBRE Sells 8.4 Acre Site Fronting I-95 To Industrial REIT”

Leave a Reply