WESTON, FL-Champaign, IL-based Becknell Properties has acquired Weston Distribution Center, a 225,760-sf office/warehouse building at 1600 Northpark Dr. in Weston Park of Commerce, for $20 million, or nearly $88.60 per sf. The seller, New York City-based BlackRock Realty Advisors, bought the facility for $13.3 million, or almost $59 per sf, in July 2004.

Miami Beach-based Terranova Corp. advised BlackRock in its 2004 acquisition of the property, and BlackRock retained Terranova to lease and manage the then-vacant property. The building quickly became headquarters for Labock Technologies under a lease agreement for 127,000 sf, and another unidentified tenant occupied the remainder.

“Gaining just over a 51% increased in value in 21 months, plus enjoying cash flow while owning, made this a great investment,” says Trish Blasi, Terranova’s president. It was an opportunistic buy for BlackRock, she says, “and we executed our plan perfectly, adding value through leasing and then taking advantage of a red hot capital market for an early and profitable exit.”

Stephen Bittel, Terranova’s chairman, brokered the sale to Becknell. The building was completed in December 1994, he tells GlobeSt.com. The building is located on approximately 12 acres, and the sale included four adjoining acres of developable land in the 850-acre business park. He declined to disclose the rental rate for the building.

According to a fourth-quarter 2005 report on the Broward County industrial market from CB Richard Ellis, the average asking rental rate for flex properties then stood at $9.08 per sf. The county’s industrial vacancy was 5.2% and falling, according to CBRE data. Becknell’s plans for the adjacent land are undetermined. A year-end 2005 Broward County industrial report from Cushman & Wakefield states, “land sale prices are also extremely high as a result of scarcity,” and says the average asking price for land is between $8 per sf and $10 per sf.

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