Plans for the property call for 140,000 sf of office warehouse condos to be offered for sale over the next couple of years, according to George I. Pino, a senior associate in commercial sales and leasing with Codina Realty Services Inc.-Oncor International, which represented Broward Development Associates in the transaction. The owners are starting immediately with Building D, which is planned to contain nine units, each about 3,500 sf. Buyers can combine bays if more space is desired. The owners are currently obtaining permits for the project. In all, four buildings are planned. In addition to the for-sale space, 40,000 sf of office space is also planned for lease, Pino says.

"We think these are going to sell pretty quickly," Pino says. "We feel with the low interest rates, there will be a demand for this type of product. A lot of people, we feel, would like to own." Warehouse shells go for approximately $90 to $100 per sf in that market, he says.

The property's direct exposure to Interstate 75, the 15 restaurants within a seven-mile radius and the many banks in the area also are expected to attract buyers.

ComReal represented Sunwest Business Center Ltd. in the transaction.

The Plantation/Sunrise submarket contains a little more than 8.5 million sf of industrial inventory in 142 buildings, according to a recent report of the market by Cushman & Wakefield. The overall vacancy rate is about 15% in that submarket.

Instant Insights /

Broward Development Plans 180,000-SF Office-Warehouse

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