WINTER HAVEN, FL-Florida-based CFBP LLC has acquired a 970,000-sf industrial park for $28.75 million, or approximately $30 per sf. The property consists of 11 buildings on about 52 acres and contains industrial warehouse and office space.
The seller was Boca Raton-based Winterhaven Commercial Properties LC. Rob Siemens, of Boca Raton-based Brookside Realty Corp., was the broker in the transaction.
Winterhaven acquired the property in 2003 from Scotty's Lumber & Hardware which had used it as a distribution center. At the time of the 2003 sale, the property was 80% vacant and Scotty's occupied less than 1% of the building. Winterhaven had acquired the property as a value-added opportunity and worked to lease up the property. "It was leased to the point where it was time to sell," Siemens tells GlobeSt.com.
At the time of the most current sale, the property was 5% vacant. Major tenants include Pods, Stock Building Supply, Saddle Creek Corp. and Penske Truck Leasing. Although it is near full occupancy, the buyer purchased the property as a value-added opportunity. "The buyer bought the property at well below replacement cost and also below market rents," Siemens says.
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