Marcus & Millichap’s Mandel, Kuhlman Negotiate Sale Of Deerfield Beach Warehouse Production Facility

Sep 16, 2019 No Comments by

Douglas Mandel & Tyler KuhlmanMarcus & Millichap Senior Managing Director and Institutional Property Advisors (IPA) senior director Douglas K. Mandel and Associate Tyler Kuhlman, represented the seller, G&P Enterprises and Health Communications, Inc. (HCI), in the sale of 3201 Fifteenth, a ±104,000-square-foot vacant industrial facility located in the Northeast Broward industrial submarket in Deerfield Beach, Florida.

Fort Lauderdale-based Integrated Regional Laboratories, LLP, A Subsidiary of HCA, purchased the warehouse production facility for $12,900,000.

 

The building was occupied by HCI Printing and Publishing (“HCI”), a leader in the publishing industry with more than four decades of books on the New York Times bestseller list. HCI was the original developer of the facility in 1985 and have occupied the property for the past 3 decades. HCI is the original publisher of the popular self-help book series known as Chicken Soup for the Soul.

The deal closed August 12.

 

“The buyer, Integrated Regional Laboratories, a subsidiary of HCA, found the opportunity to purchase a 100,000+ SF facility, below replacement cost, enticing due to rising construction costs and increasing land values in South Florida,” explained Kuhlman.

 

“The availability of such space in Broward County is extremely limited for an owner/user looking to purchase a facility, which allowed 3201 SW 15th St to obtain premium pricing,” added Mandel.

3201 Fifteenth-Aerial

The property is a prime warehouse and manufacturing facility comprised of more than 6,000 square feet of offices, twelve loading docks with two drive-in ramps, clear heights ranging from 22 to 34 feet, and heavy three-phase power (110-408v) with both step-up and step-down transformers for the current heavy machinery in the building. The property spans across 5.67 acres, with 197 asphalt parking spaces (1.89 : 1,000 SF), and features mainly concrete tilt-up construction, except for three walls in the first addition building that are CBS block.

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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