FORT LAUDERDALE, FLORIDA – July 23, 2015 – (RealEstateRama) — Cushman & Wakefield today announced the sale of Marina Mile, a 189,620-square foot industrial building located at 3400 SW 30th Avenue in Dania Beach, Florida.
Executive Director Christopher Metzger, Executive Director Richard Etner, Jr., and Senior Director Christopher Thomson represented Saul Galinski’s MSG Dania Beach, LLC in the purchase of Bridge Development’s building. The transaction was valued at more than $22 million, or $118 per square foot.
Marina Mile is a Class A, 189,520-square-foot, state-of-the-art distribution facility located in Port 95 Business Center. The building, which is zoned for Industrial, Retail, Office, and Marine – Airport Approach (IROM-AA), offers dock-high and drive-in loading doors, an ESFR fire sprinkler system, 32’ ceiling clear height, and offices built-to-suit.
In November 2014, Metzger, Etner and Thomson represented Bridge Development in the $27 million sale of nearby Port 95 building located at 2650 SW 36th Street to Galinski’s MSG Port 95, LLC. The team was retained to lease that building and will serve as leasing agents for Marina Mile as well.
“The Port 95 industrial submarket is the most active in Broward County because of its immediate access to Interstate 595, Interstate 95, Interstate 75, Florida’s Turnpike, the Sawgrass Expressway, the Ft. Lauderdale/Hollywood International Airport, and Port Everglades,“ said Metzger. ”Tenants love this location, which has already resulted in three signed leases in the buildings and multiple proposals in negotiation.”
Cushman & Wakefield research indicates a slight, year-over-year uptick in industrial sales within the Broward County market.
“For the first half of 2015, we tracked 17 industrial sales totaling 1.5 million square feet,” said Senior Research Analyst Lauren Pace. “Sale velocity was up from the 15 reported during the same period last year.”
“Quality space remains scarce,” added Pace. “And, as vacancy reaches record lows and rents continue to rise, more tenants will look to purchase space.”
Cushman & Wakefield advises and represents clients on all aspects of property occupancy and investment. Founded in 1917, it has 259 offices in 60 countries, employing more than 16,000 professionals. It offers a complete range of services to its occupier and investor clients for all property types, including leasing, sales and acquisitions, equity, debt and structured finance, corporate finance and investment banking, appraisal, consulting, corporate services, and property, facilities, project and risk management.
Christopher J. Metzger, SIOR
chris.metzger (at) cushwake (dot) com
Richard. F. Etner, Jr., SIOR
rick.etner (at) cushwake (dot) com
Christopher Thomson, SIOR
christopher.thomson (at) cushwake (dot) com