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Avison Young Closes $18 Million Sale of Industrial/Flex Building in South Florida

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.”

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Drew Limsky

Drew Limsky

Editor-in-Chief

BIOGRAPHY

Drew Limsky joined Lifestyle Media Group in August 2020 as Editor-in-Chief of South Florida Business & Wealth. His first issue of SFBW, October 2020, heralded a reimagined structure, with new content categories and a slew of fresh visual themes. “As sort of a cross between Forbes and Robb Report, with a dash of GQ and Vogue,” Limsky says, “SFBW reflects South Florida’s increasingly sophisticated and dynamic business and cultural landscape.”

Limsky, an avid traveler, swimmer and film buff who holds a law degree and Ph.D. from New York University, likes to say, “I’m a doctor, but I can’t operate—except on your brand.” He wrote his dissertation on the nonfiction work of Joan Didion. Prior to that, Limsky received his B.A. in English, summa cum laude, from Emory University and earned his M.A. in literature at American University in connection with a Masters Scholar Award fellowship.

Limsky came to SFBW at the apex of a storied career in journalism and publishing that includes six previous lead editorial roles, including for some of the world’s best-known brands. He served as global editor-in-chief of Lexus magazine, founding editor-in-chief of custom lifestyle magazines for Cadillac and Holland America Line, and was the founding editor-in-chief of Modern Luxury Interiors South Florida. He also was the executive editor for B2B magazines for Acura and Honda Financial Services, and he served as travel editor for Conde Nast. Magazines under Limsky’s editorship have garnered more than 75 industry awards.

He has also written for many of the country’s top newspapers and magazines, including The New York Times, Washington Post, Los Angeles Times, Miami Herald, Boston Globe, USA Today, Worth, Robb Report, Afar, Time Out New York, National Geographic Traveler, Men’s Journal, Ritz-Carlton, Elite Traveler, Florida Design, Metropolis and Architectural Digest Mexico. His other clients have included Four Seasons, Acqualina Resort & Residences, Yahoo!, American Airlines, Wynn, Douglas Elliman and Corcoran. As an adjunct assistant professor, Limsky has taught journalism, film and creative writing at the City University of New York, Pace University, American University and other colleges.