274,000 SF Broward Portfolio Trades

KTR has acquired the Prospect Park portfolio, a 274,000 SF industrial/flex portfolio in Ft. Lauderdale.
The portfolio consists of 63,800 square feet of single story, walk-up office; 82,000 square feet of flex; and 128,500 square feet of industrial distribution space.  The park is located just west of the Ft. Lauderdale Executive Airport in what is known as the Ft. Lauderdale Commerce Center.
Public records indicate the seller was an affiliate of Invesco Real Estate based in Texas.
The 16 building portfolio was built in 1983 and was 48% occupied at the time of the sale. KTR will seek to reposition the properties for immediate lease-up.
“The Prospect Park Portfolio acquisition is an interesting opportunity to buy functional, multi-tenant warehouse and flex product at a very attractive basis,” commented PJ Charlton, Senior Vice President of Investments for KTR.  “With convenient access to the major highways and population centers and a central Broward County business location, we intend to rebrand the portfolio and restore a stabilized occupancy level.  We will implement an immediate capital program to modernize the building exteriors and tenant spaces.”
This acquisition brings KTR’s total footprint in Florida to approximately 5.0 million square feet.
This Portfolio was marketed by Marty Busekrus, a Director with HFF, as previously reported by CRE-sources.  Busekrus is responsible for industrial investment sales throughout the Southeastern United States.  The portfolio was being marketed without an asking price, however sources close to the deal report a price of roughly $13.5 million, which calculates to approximately $49 per square foot.