FORT LAUDERDALE, FL—Lakeview Industrial Park, a seven-building, 210,350-square-foot industrial complex at 2201 Stirling Road in Dania Beach, FL, has changed hands after 26 years with the same owner. Industrial Income Trust acquired the asset for $17.5 million, or $83 per square foot.

CBRE's Capital Markets Institutional Group represented the seller, an affiliate of Morgan Stanley Real Estate Investing. The CBRE team representing the seller included Christian Lee, Chris Riley, Brian Budnick, and José Antonio Lobón.

“The South Florida industrial market continues to draw strong investor interest with light distribution buildings such as Lakeview attracting serious interest from traditional bulk buyers,” Lee says. “Additionally, the opportunity to purchase an in-fill location only two miles from Ft. Lauderdale International Airport at a price significantly below replacement cost, made this an attractive investment opportunity.”

The asset was 81% leased at the time of sale, presenting the buyer with an attractive value-add opportunity as it works to stabilize occupancy. Lakeview is located in the Southeast Broward submarket, Broward County's tightest, with a current vacancy of 5.3%. CBRE, which also oversees leasing at Lakeview, completed 70,000-square-feet of leasing activity in the six months leading up to the sale of the asset.

Lakeview Industrial Park offers seven multi-tenant, light distribution buildings located less than a half mile from Interstate 95. That's three miles from Port Everglades. The front-loaded dock-high buildings offer 20-foot clear heights, 14 percent average office finish, an above-market parking ratio of 2.3 spaces per 1,000 square feet.

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