Pompano Beach, FL – October 17, 2011 – (RealEstateRama) — Leveraging the conditions of the market favoring both tenants and buyers, Spring Holdings Realty, LLC recently purchased a 58,811-square-foot showroom to serve as the new headquarters for Spring Footwear. Visible from Interstate 95, the facility at 1001 West McNab Road was formerly occupied by City Furniture. The freestanding building was purchased for an undisclosed price in an all-cash transaction.
“Market conditions in the Broward Industrial market are not improving as quickly as some sellers would like,” said CBRE’s Allen Lindow, CCIM, with the firm’s Fort Lauderdale office. “Patience and persistence are qualities high net worth individuals bring to the negotiating table, and in this case, it helped us get a good deal at below replacement cost.”
According to CBRE’s MarketView covering the Broward industrial market, the Pompano Beach submarket had the highest vacancy rate among the Broward County submarkets at the end of the third quarter. At over 10% vacancy compared to the Broward market’s 8.7% overall average, available space in Pompano Beach will continue to offer favorable pricing.
“There is still plenty of inventory for sale in Pompano, including some within the ‘distressed’ category, that needs to be absorbed before we see any kind of market equilibrium,” added Lindow.
Spring Footwear is expanding and relocating from another location in Pompano Beach. The new buyers will allocate a significant amount of capital towards retrofitting the former furniture showroom to serve as a distribution facility with offices and a non-retail showroom. The facility became available after City Furniture’s consolidation and relocation to Boca Raton in early 2011.
CBRE represented Spring Holdings in the transaction. Seller representation was provided by Stiles.
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 2010 revenue). The Company has approximately 31,000 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.
Contact:
Elizabeth Cross
305.428.6373
elizabeth.cross (at) cbre (dot) com
Lauren Crawford
813.273.8482
lauren.crawford (at) cbre (dot) com
