Scarpino Commercial Completes Sale Of Newport Center Office Building

Nov 13, 2019 No Comments by

Michael Scarpino, CCIM, Broker/President of Scarpino Commercial Real Estate Services, Inc., negotiated the sale of a two story, 65,609-gross-square-foot office building in Newport Center, a planned office park located at the southwest corner of SW 10th Street and Interstate 95 in Deerfield Beach.

The property was purchased for $6,800,000.

Scarpino represented the buyer, NRNS Acquisition Newport, LLC, in the transaction.

The seller, Rainbow Warehouse, LLC, was represented by Jamie Zambrana, Founder and Managing Partner of RARE CRE LLC.

The seller completed the transaction as a 1031 exchange through an intermediary.  The building was approximately two-thirds leased at the time of the sale.

Scarpino has worked with this buyer client for over 25 years and said that this building fit well into his buyer’s parameters.  According to Scarpino, this buyer typically likes to buy one or two of these types of building per year, and he has been steadily increasing his real estate holdings in South Florida.

 

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