Broward Industrial Park Sells For $17.45 Million

Jun 05, 2013 No Comments by

CBRE arranged the sale of Lakeview Industrial Park, a seven-building, 210,350-square-foot industrial complex at 2201 Stirling Road in Dania Beach, FL.

Industrial Income Trust acquired the asset for $17,450,000, or $83 PSF.

CBRE’s Capital Markets Institutional Group represented the seller, an affiliate of Morgan Stanley Real Estate Investing, which owned the property for 26 years.

The asset was 81% leased at the time of sale, and thus presented the buyer with an attractive value-add opportunity as they aim to stabilize occupancy due to strong leasing activity in this market; Lakeview is located in the Southeast Broward submarket, Broward County’s tightest submarket, with a current vacancy of 5.3%.  CBRE, which also oversees leasing at Lakeview, completed 70,000-square-feet of leasing activity in the six months leading up to the sale of the asset.

“The South Florida industrial market continues to draw strong investor interest with light distribution buildings such as Lakeview attracting serious interest from traditional bulk buyers. Additionally, the opportunity to purchase an in-fill location only 2 miles from Ft. Lauderdale International Airport at a price significantly below replacement cost, made this an attractive investment opportunity,” said Chris Lee, Vice Chairman with CBRE’s Capital Markets Institutional Group.

Lakeview Industrial Park consists of seven multi-tenant, light distribution buildings strategically located less than a half mile from I-95, only two miles from the cargo entrance of Fort Lauderdale-Hollywood International Airport and three miles from Port Everglades.  The front-loaded dock-high buildings offer a highly functional space with 20-foot clear heights, 14 percent average office finish, an above-market parking ratio of 2.3 spaces per 1,000 square feet.

The CBRE team representing the seller included Christian Lee, Vice Chairman with CBRE’s Capital Markets Institutional Group; Chris Riley, Vice Chairman with CBRE’s Atlanta Investment Properties Institutional Group; Brian Budnick, Senior Vice President with CBRE’s Atlanta Investment Properties Group; and José Antonio Lobón, an Associate with CBRE’s Capital Markets Institutional Group.

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