Coral Vutec Properties LLC, basedin Pompano Beach, bought the 106,600-square-foot building on nine acres at West Sample Road and Coral Ridge Drive from AMB Fund III Mosaic LLC. The tilt-wall constructed building opened in 1996 and last sold for $9.5 million in December 2006.
"Buyers were looking for a bottom and we just found it," says Harry Tangalakis, senior vice president with CB Richard Ellis in Fort Lauderdale. "Now is the time for users and investors to take advantage of the current depressed market."
Tangalakis and Tom O'Laughlin, associate with CBRE's Fort Lauderdale office, represented the buyer in the transaction, while Steve Wasserman and David Wigoda of Colliers Abood Wood-Fay represented AMB. The property will be used to make safety and protective wire guards for light fixtures, fans and cable management equipment, as well as distribution of projection screens.
(Information from Daily Business Review, an Incisive Media publication, was used in this report.)
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