Cushman & Wakefield Negotiates Sale of 22-Acre Industrial Development Site

Dec 11, 2018 No Comments by

Cushman & Wakefield has negotiated the sale of a 22.35-acre industrial development site in central Broward County.

The South Florida Industrial Brokerage Team of Chris Metzger, Richard F. Etner Jr., Christopher Thomson and Matthew G. McAllister represented Tamarac-based Advanced Business Associates, LLP in the disposition. Coconut Creek, FL-based Tamarac Industrial Venture, LLC, a joint venture of Butters Construction & Development and an institutional capital partner, acquired the site.

Tamarac Industrial Venture, LLC intends to develop two industrial warehouse and distribution facilities on the land. Structural details and a development timeline have yet to be announced. Metzger, Etner Jr., Thomson and McAllister will serve as the exclusive leasing agents for the buildings.

The site is located just north of the Commercial Boulevard and Sawgrass Expressway interchange, providing excellent visibility from the Sawgrass Parkway and exceptional access to South Florida’s Tri-County area of Broward, Miami-Dade and Palm Beach Counties.

 

“This acquisition represents a rare opportunity to develop a large-scale industrial park in the South Florida market, which is extraordinarily land-constrained with high barriers to entry,” said Metzger. “With the Everglades to the west and the ocean to the east, there are very few large development sites left in Broward County. The western corridor along the Sawgrass Expressway and I-75 is the last frontier.”

 

“We have witnessed strong absorption driving rents dramatically higher over the past 24 months,” added Etner. “Our research indicates the overall vacancy rate in Broward County is at an almost all-time low of 3.1%. Continued population and job growth is driving demand for centrally located distribution space.”

 

 

 

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