Buyer Pays $12M for Broward Lakes Flex/Industrial Facility

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SUNRISE, FL-Weston Sunrise Investors LLC has acquired Broward Lakes, a 137,372-sf flex/industrial facility at 955-1011 Shotgun Rd., for nearly $12.2 million, or $88.45 per sf. Providence, RI-based Presidential Properties Group Ltd. was the seller. The locally based group plans to upgrade the asset and convert it to warehouse condo units.

J. Scott O’Donnell, first VP, and Dominic F. Montazemi, an associate in the Boca Raton private client group of CB Richard Ellis, were the lead brokers. JC Conte and Bill Rypl of CBRE’s industrial properties division, who handled leasing in the building for Presidential, also assisted in its disposition.

The property was constructed in the late 1980s and was 80% leased at the time of the sale. It contains both dock-high and drive-in loading capabilities. The buyer owns neighboring property, according to O’Donnell, which facilitates its ability to address “certain cross-easement issues,” related to the facility.