MIAMI—Manufacturing is expanding in Miami and beyond. The latest example is in Deerfield Beach, FL. CBRE just closed on the sale 83,623-square-foot manufacturing distribution building located at 1341 West Newport Center Drive in Deerfield Beach.
Mafer Holding bought the building from Weekley One Deerfield for $7.05 million, or $84.31 per square foot. Pylon Manufacturing formerly occupied the building.
“This purchase further supports a trend of manufacturing expansion that is occurring in South Florida,” says CBRE’s Harry Tangalakis, who represented the seller. “It’s another signal that the industrial recovery is on solid footing.”
Located off and adjacent to Interstate 95 at Southwest 10th Street, the industrial property was built in 1981 and expanded with an addition in 1989. Pylon was a tenant when the building was acquired and the firm vacated the property in early 2013. CBRE offered the industrial asset for sale or lease.
The industrial asset sits on 6.4 acres of land in a master planned business park called Newport Center. Mafer Holding, doing business as Cosmo International, plans to use the facility to manufacture its cosmetic products. Cosmo also owns and occupies a 37,000-square-foot free-standing building at 601 Fairway Drive in Deerfield Beach.
CBRE’s Tom O’Loughlin and Larry Genet worked with Tangalakis on the deal. Cushman & Wakefield’s Rick Etner, Chris Metzger and Christopher Thomson, along Cresa’s Sky Groden, represented the buyer.