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(Crystal Proenza is associate editor of Real EstateFlorida.)

HOLLYWOOD, FL- Hollywood Warehouse Capital Partners LLC has purchased an 81,100-sf warehouse portfolio, including seven small-bay warehouses in Hollywood and a Miramar warehouse/retail center, for $6.4 million. Marcus & Millichap investment specialist Ryan Nee of the Fort Lauderdale office represented the seller, W&W Properties LLC, and Marcus & Millichap associate Greg Zeifman of the Miami office secured the buyer.

“The buyers, who had an existing presence in the immediate market, saw value in the fact that the investment was split into seven different folios, thus providing flexibility for different exit strategies. As the individual properties are stabilized to market rental rates, the buyers plan to sell off the folios to user/owners or small investors,” says Zeifman.

“Both buyers have a long track record of successfully buying and adding value, and managing and operating properties,” he tells GlobeSt.com. Zeifman adds that the deal closed at a 6.8% cap rate on current income, with the entire portfolio being nearly 90% occupied.

The smaller units range in size between 450 to 1,300 sf with an average rental rate of about $13 per sf. The 38,000-sf Miramar property, at 3190 South State Road 7, has six retail storefronts facing the busy throughway, with warehouse units on either side. The new owners intend to apply for grants through the City of Miramar’s beautification program to aesthetically improve the building.

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