CBRE Negotiates Sale Of Deerfield Beach Warehouse

Oct 22, 2019 No Comments by
Tom O'Loughlin 1019

O’Loughlin

CBRE, Inc. Senior Vice Presidents Tom O’Loughlin and Larry Genet, along with Associate Jake Zebede, negotiated a sale on behalf of Deerpod Associates, Ltd., of a 36,681-square-foot building located at 3251 SW 13th Drive in Deerfield Beach.

A high net worth individual who wishes to remain anonymous purchased the 100% leased

asset for $4,720,000, or $129 per square foot. No other brokerage firm was involved in the transaction.

Jake Zebede 1019

Zebede

“This sale was a coup for our Capital Markets division, which Tom, Larry, and I have been growing aggressively,” said Zebede, “Our team has 26 properties for sale and continues to expand because of the results we generate for our clients—including this asset, which sold at a solid 5%-cap. Another feat we are proud of is that, after marketing the property, we had it under contract in nine days. Our clients could not be more thrilled.”

Larry Genet 1019

Genet

The property is in Deerfield Beach’s well-established industrial corridor off SW 10th Street, which features one of the lower vacancy rates in South Florida at 2.4%.  Overall, Broward County’s industrial vacancy is approximately 4.4%. The submarket has experienced continuous, positive rent growth since 2010. The Deerfield Industrial Headquarters benefits from this competitive market as companies continue to search for nearby space alternatives and find that rental rates continue to rise.

 

 

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