Ft. Lauderdale, FL – May 21, 2012 – (RealEstateRama) — CBRE arranged the sale of a 23,911-square-foot industrial flex building for $1,525,000, or $63.77 per square foot. The transaction was a short sale on behalf of the owner and occupant, Frenzel Enterprises, Inc. The building was purchased by Powerline Road, LLC for use by a marble and granite sales and distribution company.
“It is encouraging to see suppliers related to the housing/construction industry back in the market,” said Harry Tangalakis, Senior Vice President with CBRE.
Located at 5301 North Powerline Road, just north of Commercial Boulevard, the property is located in Fort Lauderdale’s Gateway area.
“This sale represents a step towards changing dynamics in the market. Support and participation from the lender facilitated the short-sale transaction. It is also one of few buildings to have traded in the past three years in the Gateway area,” added Tangalakis.
Tangalakis was joined by Senior Associate Tom O’Loughlin and Associate Larry Genet in marketing the property for sale and negotiating the transaction on behalf of the seller. The buyer was also represented by CBRE sales professionals in South Florida.
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 firm (in terms of 2011 revenue). The Company has approximately 34,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 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 Web site at www.cbre.com.
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