The affiliate of the Miami-based industrial land developer wouldnet about $5.6 million from the sale when the deal closes. In July2000, the company negotiated the rights to acquire the property for$9.4 million, or about $97,917 per acre ($2.25 per sf), fromAT&T.
The decision to sell is bit of departure for the SouthernFacilities affiliate, which received approval earlier this yearfrom Lauderhill City Commission to plat the property with theintention of building a 1.6 million-sf industrial park.
Subsequently, county officials identified the property asideally situated as green space for an underserved population ofmostly minority residents who live near the site.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
