Gateway Industrial Center acquired by Donovan Marine for $5.3 million
Fort Lauderdale, FL – June 19, 2015 – (RealEstateRama) — CBRE arranged the sale of the 103,316-square-foot, 4.6-acre Gateway Industrial Center in Fort Lauderdale, Florida. The asset at 2030 West McNab Road was acquired from 2030 Asset Ventures LLC by Donovan Marine, Inc., for $5.3 million.
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CBRE Broward County-based industrial brokers Larry Genet, Tom O’Loughlin, SIOR, and Harry Tangalakis represented the seller, RER Ventures LLC, a Coral Gables-based private equity fund that invests in opportunistic commercial and residential real estate and related debt.
“Broward County’s industrial market continues to exhibit robust growth, but is still somewhat constrained by the limited availability of quality product for owner-occupiers,” said CBRE Senior Associate Larry Genet. “This transaction is a good example of how demand from owner-users seeking to purchase multi-tenant buildings vastly exceeds supply. As a result, users are willing to accept significantly lower returns and greater leasing risk than a traditional investor.”
RER’s Christopher Kallivokas, Managing Member, added “We continue to view South Florida as a compelling investment target and are actively seeking additional value-add properties to purchase.”
Updated since its 1976 construction, Gateway Industrial Center features three recessed dock doors with pit levelers, three exterior dock doors, two drive-in forklift doors, ceilings with 20-foot clearance, a fully air-conditioned warehouse, fire suppression systems throughout, heavy three-phase power, a full-building generator, overhead crane, and outside tank storage area.
Randall Walker, SIOR, of The Industrial Group, LLC, and John Dohm, SIOR, of Florida Transatlantic Holdings, LLC, represented the buyer. facer possim assum. Typi non habent claritatem insitam; est usus legentis in iis qui facit eorum claritatem.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
Contact:
Elizabeth Cross
305.428.6373
elizabeth.cross (at) cbre (dot) com
Melinda Sherwood
305.381.6453
melinda.sherwood (at) cbre (dot) com
