Marcus & Millichap’s Douglas K. Mandel, Tyler Kuhlman Negotiate Sale Of Two Broward County Industrial Parks

Jul 03, 2019 No Comments by

Marcus & Millichap Senior Managing Director and Institutional Property Advisors (IPA) senior director Douglas K. Mandel along with associate Tyler Kuhlman negotiated the sale of two small-bay industrial parks comprising ±69,914 square feet.

Douglas K. Mandel

Mandel

Delray Beach-based Mindful Management, LLC purchased both properties from Vico of South Florida, Inc. for a total of $8,400,000.

Hiatus Commerce Center, a four-building, ±37,914-square-foot industrial park located at 4700 North Hiatus Road in the West Sunrise industrial submarket in Sunrise, Florida, sold for $4,412,658.

Tyler Kuhlman

Kuhlman

The 1984-built park is located adjacent to the Sawgrass Mills Mall just minutes from the Sawgrass Expressway, and boasts affordable office space, warehouse bays, and storage bays, providing a variety of leasing options for tenants looking for short-term and flexible leasing options. The park, which features 122 bays, was 90% occupied at the time of the sale.

Sunrise Industrial Park, located at 4851-4891 Northwest 103rd Avenue in Sunrise, Florida, comprises ±32,000 square feet, situated on 2 acres. The four building park, which features 148 bays, sold for $3,987,342.The 1988-built property was 94% occupied at the time of the sale.

The deal closed June 24.

 

“While the supply for the submarket continues to grow, the demand has not been impacted,” explained Mandel.  “Instead, demand for industrial space continues to increase, as the vacancy rates for Broward County overall have fallen to a historically low 3.2 percent.”

 

“With market fundamentals expected to continue to strengthen into 2019, Hiatus Commerce Center and Sunrise Industrial Park provide the new owners a hand in one of the country’s most active and steadily-growing markets,” added Kuhlman.

Mandel + Partners experienced an extremely active 2018, closing more than $270 million.  So far this year, Mandel + Partners closed transactions in excess of $158 million.

 

 

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