Marcus & Millichap’s Mandel, Kuhlman, Everett Negotiate Sale Of Coral Springs R&D Facility

Aug 07, 2019 No Comments by

Todd Everett, First Vice President Investments with Marcus & Millichap, in conjunction with Marcus & Millichap Senior Managing Director and Institutional Property Advisors (IPA) senior director Douglas K. Mandel and Associate Tyler Kuhlman, represented the seller, Solutionex Real Estate, LLC., in the sale of a ±48,909-square-foot research & development facility.

 

Delray Beach-based MCM Coral Springs, LLC purchased the single-tenant, net-leased industrial building for $6,750,000. The building is leased to Lupin Pharmaceuticals, a global medical corporation, domestically based in Maryland.

The deal closed July 25.

 

“The Lupin Industrial Building represented an opportunity for an investor to acquire a fully occupied, single-tenant investment, with very low oversight and stabilized cash flow, in a high-barrier-to-entry submarket, supported by a highly improved and state-of-the-art underlying asset,” explained Everett.

The 2008-built property is a very well-maintained and constructed flex warehouse with tilt-wall structure, impact glass, 24-foot clear heights, dock high loading with concrete apron, full air-conditioning, and heavy power. The Property is centrally situated within the Corporate Park of Coral Springs – a one-square-mile business park fronting the Sawgrass Expressway, just off Sample Road, and minutes from Florida’s Turnpike and Interstate 95. The Park is home to more than 350 businesses occupying more than 4.1 million square feet of commercial, office, warehouse and manufacturing space.

Mandel + Partners experienced an extremely active 2018, closing more than $300 million, for total sales in excess of $2 billion.

 

 

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