Avison Young Closes $18 Million Sale of Industrial/Flex Building in South Florida
The purchase set a record in Broward County
The 56,072 square-foot Miramar Park of Commerce industrial/flex building at 10315 USA Today Way in Miramar set a real estate record after selling for $321.02 per square foot. The purchase represented the highest price per square foot secured for an industrial/flex property in Broward County.
Avison Young, a real estate advising firm, negotiated the deal on behalf of Zeta Associates, LLC, which sold the property to CRG Acquisition, LLC. The deal was led by Avision Young Principals Tom Viscount, David Duckworth, Michael T. Fay, John C. Crotty, Wayne Schuchts and Senior Associate Bobby Benton.
“The sale demonstrates both the resilience and attractiveness of the South Florida industrial market,” Viscount says. “Specifically, the significant price per square foot is indicative of the high demand for class A industrial and flex space, as investors continue to see South Florida as a key growth region. Due to the extraordinary demand and limited supply, less than 10 flex buildings over 50,000 square feet sold in the past year.”
Located equidistant from Fort Lauderdale and Miami, Miramar Park of Commerce is a 5 million square feet facility providing office, laboratory, pharmacy, light manufacturing and distribution space. The center is home to 10,000 employees from more than 170 national and international companies. The buyer intends to renovate the building to create a high-end educational campus for one of their national clients that operates a medical school.
“The buyer recognized the uniqueness and value of the building’s overall footprint and quality infrastructure sitting on seven acres, which cannot be replicated in today’s market,” Viscount says. “These factors certainly contributed to the notable sales price.”