Liberty Property Trust Sells Fort Lauderdale Industrial Buildings

Jan 16, 2020 No Comments by

Liberty Property Trust sold a two-building industrial/office complex in Fort Lauderdale for $6.3 million, amid continuing demand in South Florida for warehouse space.

Liberty, soon to be acquired by Prologis, sold Fort Lauderdale Commerce Center, which is located at 5410-5430 Northwest 33rd Avenue.

Jonathan Salk of Axiom Capital Advisors represented the seller in the off-market deal. Reshma Parvani of Parvani Commercial Group represented the buyer.

GDF Properties, a Puerto Rico-based investment firm, bought the property, which totals 63,266 square feet on 5.24 acres, records show.

Liberty paid $4.75 million for the property in 1997. The buildings were built in 1984, according to records. Currently, only two tenants occupy the property, a forensic engineering firm and a digital printing company.

In October, Prologis agreed to acquire Liberty Property Trust in an all-stock deal valued at $12.6 billion, including the assumption of debt.

The deal is expected to close in the first quarter.

At the same time, Prologis said it plans to dispose of $3.5 billion of assets, including $2.8 billion of logistics properties and $700 million of office properties.

 

Source:  The Real Deal

 

 

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