SVN | Commercial Partners (SVNCP) Retail Office and Industrial Team Leaders Adam H. Klein and Elon Gerberg were the buying brokers in the acquisition of a ±28,895-square-foot Lauderhill industrial property located at 1883 NW 38th Ave in Lauderhill, Florida.
NewRock Real Estate Partners LLC & Brickbox Properties purchased the asset from Schulz and Schulz Realty for $1,750,000, or $130 per-square-foot. The deal closed May 24th.
“In an increasingly difficult market to source well-located investment properties, we’re pleased to be able close on this opportunity” Klein said, “This sale went from contract to close in 40 days which is a testament to the competition of this market.”
The industrial flex warehouse features frontage along a highly-visible location on NW 19th Street and NW 38th Avenue, as well as value-add opportunity with vacancies throughout the building. Due to the prime location, strong parking ratio and upcoming vacancies, the buyer saw the opportunity to reposition the asset into one of the premier industrial flex assets in the area.
We are seeing investors expand their geographic preference to the greater Fort Lauderdale MSA, specifically the western Broward County submarkets,” Gerberg said. “This trend is based on the continued growth of South Florida and the competition among investors.”