CORAL SPRINGS, FL-ABB Optical buys the 75,630-sf office/industrial building at 12301 NW 39th St. from San Francisco-based Rreef. The price, according to Jonathan Kingsley, EVP and managing director of Grubb & Ellis' South Florida operations, was $7.5 million, or about $100 per sf.
Kingsley and Tivon Moffit, a senior associate in the same office, were sole brokers in the transaction. "Rreef recently acquired the property as part of a nine-building portfolio," Kingsley tells GlobeSt.com. "But, because it's flex, it didn't fit with Rreef's industrial portfolio. This was an off-market transaction.
"The property is ideally located and contains the exact configuration of class A office and warehouse space ABB requires," he says. "It is currently fully leased, and the existing tenant will remain until 2007. ABB will collect rent until it relocates from its current headquarters at 5360 NW 35th Ave. in Fort Lauderdale. The new building more than doubles ABB's existing office and warehouse space."
The asking rent rates for this type of building in this submarket are between $9 per sf and $10 per sf net, according to Kingsley.
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