Conness|Crissy Real Estate Advisors Rep Buyer In Pompano Beach Industrial Building Purchase

May 31, 2018 No Comments by

Patrick Conness and Mike Crissy of Conness|Crissy Real Estate Advisors represented valued client, C&K Auto Imports, in the purchase of 1210 S. Andrews Avenue in Pompano Beach.

The 13,620-square-foot industrial building, positioned on approx. 1.28 acres, sold for $2,075,000 or $152 per square foot.

The deal closed May 16.

The recent deal marks the fourth transaction that Conness and Crissy have helped their client secure since 2015, when they were initially tasked to sell C&K Auto Import’s car dealership on Federal Highway in Lighthouse Point. C&K’s need for more of a conventional warehouse building, where their vehicles could be housed and protected from the elements, led CCREA on the hunt to find a property that would suit their needs.

 

“As with most everything in today’s day and age trending toward online sales, no different is C&K’s platform where most of their vehicles are now being sold via e-commerce; vs. the traditional stop and shop car lot, which appears to be phasing out of municipalities more and more each year,” said Conness.

For C&K, the path to get to where they are today has been a rocky one. The Lighthouse Point sale was the downleg of a 1031 Exchange. And while Patrick and Mike worked closely with C&K to ensure they were able to locate a suitable replacement property within the specified 1031 time frame, unfortunately, shortly after closing and during an agreed upon post-occupancy with the Seller, things took an unexpected turn as the building caught fire and burned down.

 

“It was a very unfortunate situation but there was no time to dwell as our client needed a place to operate their business. We looked at rebuilding, but with today’s setbacks, that wasn’t an option. We went back out to the market, knowing exactly what our client needed, and when 1201 S. Andrews became available, we were all over it”, added Crissy. “It was a textbook example of having a trusted relationship with the client and being in a position to execute when the opportunity arose.”

The seller, Flamingo Warehouse LLC, a subsidiary of Miami-based Flamingo Oil Company, was represented by Jeff Hartsook of Cresa Partners.

 

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