Zenith Buys Two Vacant Industrial Assets for Office Conversions

Closed-end property fund Zenith Realty Investments has increased its South Florida portfolio to a dozen buildings with the purchase of two vacant industrial-trype buildings for planned conversion to office use. The structures respectively contain 35,800 sf and 20,400 sf.

The one-story showroom/warehouse structures at 1100 West Commercial Boulevard in Fort Lauderdale were acquired from William Mencarelli for $4 million or $71.17 psf. The site has direct access to Interstate 95, Powerline Road and the Florida Turnpike.

Area office rents average $23.65 psf versus $7.09 for industrial space. Zenith principals plan a third structure on the site, a two-story, 12,500 sf building that could be suitable for a branch bank as an anchor.

Coldwell Banker Commercial Brenner Real Estate Group represented the buyer. The seller’s broker was NAI Rausch Weaver Norfleet Kurtz & Co. Three-year-old Zenith is headed by Scott Brenner who also heads Coldwell Banker Commercial Brenner Real Estate Group.