Fort Lauderdale Sells Development Site to Liberty Property Trust
Located just south of Interstate 595 and minutes from Interstate 95 and Florida’s turnpike, the site attracted five bids, ranging from $12 million up to the final sale price of $13.9 million.
FORT LAUDERDALE, FL—Liberty Property Trust bested four other bidders and has acquired a 28-acre industrial site in Dania Beach here for $13.9 million from the City of Fort Lauderdale.
The Malvern, PA-based REIT closed on the purchase of the property at 4030 State Road 7 on Tuesday after the City of Fort Lauderdale conducted a sealed bid sale process and performed a short due diligence, according to Colliers International, which brokered the deal for the city. Colliers International South Florida brokers Steven Wasserman and Brooke Berkowitz represented the City of Fort Lauderdale in the property sale to Liberty Property Limited Partnership.
Located just south of Interstate 595 and minutes from Interstate 95 and Florida’s turnpike, the site attracted five bids, ranging from $12 million up to the final sale price of $13.9 million.
“South Florida is the 11th largest industrial market in the United States and Broward County, specifically, is driving a majority of that South Florida demand,” says Colliers EVP Wasserman. “The combination of untapped land in close proximity to main transportation arteries made this an attractive property to a wide variety of industrial bidders.”
Liberty Property L.P. has shared plans with the city for a proposed new —Liberty 595 Distribution Center—that would feature approximately 300,000 square feet of Class A industrial distribution space.
“Liberty views this site as one of the most strategically located warehouse and distribution sites in the South Florida marketplace,” says Andy Petry, VP market officer Florida, for Liberty Property Trust. “This location offers our tenants unparalleled access to Port Everglades, the Fort Lauderdale/Hollywood International Airport, and to all of Dade, Broward and Palm Beach counties via Interstate 595 to Interstates 95 and 75 and the Florida Turnpike. There is no other location in South Florida with such immediate access to the primary road network.”
The site was sold in “as-is” condition and once served as a composting site for the City of Fort Lauderdale and was later used by the city’s Public Works Department.
The City of Fort Lauderdale plans to use the proceeds from the sale for city projects, including infrastructure and investments such as seawall repairs, an emergency medical services station and the Fort Lauderdale Aquatic Center.
Elsewhere, Liberty Property Trust earlier this month sold its 5 Crescent Drive office building in the Philadelphia Navy Yard for $130.5 million to Korea Investment Management.