Butters Construction & Development Inc., based in Deerfield Beach, FL and partners purchased the 107,804-sf building from Chicago-based West Point Center Development Co. for approximately $5.6 million, or nearly $52 per sf. No brokers were involved in the transaction.
West Point Center Ltd. leased three-quarters of its space in one quarter, giving the occupancy a powerful boost. The property is located at 5607 Hiatus Road in Tamarac, FL.
"We had four deals come together within a six-week time frame," broker Tony Hoover tells GlobeSt.com.
Hoover is vice president with the Palm Beach County office of CB Richard Ellis Inc. Hoover and Harry Tangalakis, senior vice president in the same office, represented West Point Center Ltd.
Most recently, First Aid Direct, MVR Electronics and Paradigm Distribution of Sunrise, FL joined the tenant roster. These three leases combined are valued at more than $2 million.
First Aid Direct, based in Sunrise, leased 16,500 sf for a lease value of about $556,875, or an estimated $6.75 per sf, for five years. The company, which sells and distributes first-aid products to warehouse and manufacturing facilities, should occupy the space in November or December, Hoover says.
Tamarac-based MVR Electronics leased 41,000 sf at about $5.50 per sf for a lease value of approximately $1.13 million over five years.
In addition, Paradigm Distribution leased 12,000 sf. At around $6.50 per sf, this lease is valued at about $390,000 over the five-year term.
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