Elite Aluminum Sells Building, Buys Land for Larger Facility

MIAMI-Elite Aluminum Corp. has sold its second warehouse/distribution building and has purchased land to build a new facility in South Florida that will be twice the size of its previous two buildings combined.

Most recently, Elite Aluminum sold a 71,250-sf building on 4.8 acres of land to Case Holding Co., an investment company based in Fort Lauderdale for $2.4 million, or $33.68 per sf. This 11-year-old property, located at 1801 N.W. 64th St. in Fort Lauderdale, is the company’s current headquarters.

Elite Aluminum, which manufactures high-end patio enclosures, will stay in the facility for about 12 months until its new building is finished, Harry Tangalakis, a broker who represented Elite Aluminum in the deal, tells GlobeSt.com. Tangalakis is senior vice president with the Palm Beach County office of CB Richard Ellis Inc.

The buyer probably is going to multi-tenant the building after Elite Aluminum leaves, Tangalakis says.

Approximately three months earlier, Elite Aluminum sold the other building it owned, a 36,000-sf warehouse/distribution facility at 1291 SW 27th Ave. in Pompano Beach, FL, to Robert Messina and Bernie Petreccia of Fort Lauderdale for $1.95 million, or approximately $54.17 per sf. The company plans to continue to occupy this space for about a year as well.

The two buildings Elite Aluminum sold total 107,250 sf.

In another deal, the company recently purchased 10.31 acres from Lyons Tech II LLC for $2.47 million, which equates to $239,573 per acre. On the property, located in Lyons Technology Park in Coconut Creek, FL, Elite Aluminum is building a 200,000-sf build-to-suit-for-purchase facility, Chris Gallagher, the other broker who represented Elite Aluminum in the recent building sale, tells GlobeSt.com. Gallagher is an associate with the Palm Beach County office of CB Richard Ellis Inc.

The company’s new facility, which will be its new headquarters, is expected to cost approximately $6 million.

Tangalakis and Gallagher had an exclusive rep agreement with Elite Aluminum on acquisitions of properties.