Stiles Realty Closes $2.75 Million Sale of Former Harley Davidson Building
International Firm to Expand Regional Presence at the High-Profile Property
Deerfield Beach, FL – April 25, 2012 – (RealEstateRama) — Stiles Realty has closed the $2.75 million sale of one of Broward County’s most visible commercial buildings – the former Harley Davidson dealership in Center Port Business Park, Pompano Beach.
Kimberly Barbar, broker associate with Stiles, represented the owner in the sale of the 2.9-acre property to 9006-4940 U.S., Inc., an entity related to Soprema, Inc., a world-wide leading manufacturer in the commercial roofing and waterproofing industry. For a different property owner, Stiles is currently marketing an adjacent two-acre land parcel with I-95 frontage.
Patience and confidence in the unique value of the upscale 17,000-square-foot showroom building overlooking I-95 paid off for the seller, according to Barbar. “The $162 per square foot price — the submarket’s highest in quite a while — reflects the A+ location as well as the building’s integrity and memorable design,” she said.
“A quarter million cars pass the site daily,” she added. “The seller recognized it would take time for us to find a corporate user who would understand the full, brand-building value of that visibility, the top-tier building’s condition, plus the park’s quiet, lushly landscaped environment. While many potential buyers were looking for a ‘steal,’ we found the ideal match in Soprema, an international company with a 100+ year history that’s poised to expand its South Florida presence.”
The former Harley Davidson property at 2900 Center Port Circle met the buyer’s needs for flexible showroom/office space and future expansion. With worldwide operations based in France, Soprema is the world’s largest manufacturer of SBS (styrene butadiene styrene) Modified Bitumen roofing. The family-owned company operates 14 major manufacturing facilities throughout the world that produce millions of feet of waterproofing membrane each year. Soprema’s U.S. headquarters are located in Wadsworth, Ohio.
Stiles has seen increasing demand this year from corporate users seeking single-user space in move-in condition, Barbar said. In January 2012 she handled the $10.8 million sale of the 2200 West Cypress Creek Road, Fort Lauderdale property to Nipro Diagnostics for its new corporate headquarters. In another recent transaction, she represented the Benihana restaurant chain in its corporate headquarters relocation in Doral. Another significant Stiles Realty transaction in the past year was the long-term extension of the 116,000-square-foot Sheridan Healthcare lease in Sawgrass Technology Park, Sunrise, which won Stiles Realty Director of Real Estate Madelayne Garcia NAIOP’s prestigious Office Lease Transaction of the Year Award for 2011, for all of South Florida.
About Stiles
Stiles Realty is a division of Stiles, a full-service commercial real estate firm with a clear mission: Invest∙Build∙Manage. With its diverse capabilities, Stiles has achieved a stellar reputation for excellence and market leadership within the real estate industry. In addition to Development, Construction, Architecture, Realty and Property Management, Stiles also specializes in Financing, Acquisitions and Repositioning. The Company is responsible for more than 37 million square feet of office, industrial, retail, mixed-use and residential projects throughout the southeastern United States. Since 1951, Stiles has played a vital role in South Florida’s rise to prominence. With a multitude of award winning projects, Stiles inspired the revitalization of downtown Fort Lauderdale, Florida, the home of its headquarters. The Company also maintains regional offices in Miami, Tampa, West Palm Beach, Naples, Fort Myers and Orlando, Florida. For more information, please visit http://www.stiles.com.
