Dominic Montazemi, Scott O’Donnell and Greg Miller Represented Coral Springs Business Warehouse, LLP in the Disposition of the 86,000-SF Light Industrial Building, and Jason Hochman Assisted the Buyer with Financing
CORAL SPRINGS, FL, June 9, 2017 — Cushman & Wakefield announced today that it has negotiated the sale and financing of Coral Springs Business Warehouse, an 85,850-square-foot light industrial building in northern Broward County.
Managing Director Dominic Montazemi, Executive Director Scott O’Donnell and Senior Associate Greg Miller represented Coral Springs Business Warehouse, LLP in the disposition. CSBW, LLC acquired the asset for $8.4 million ($98 per square foot).
Cushman and Wakefield procured a $5.86 million permanent loan for the buyer from Starwood Mortgage Capital. The loan has a 10-year term with a low interest rate and includes an interest-only period for a few years. Senior Director Jason Hochman of Cushman & Wakefield’s Equity, Debt and Structured Finance group sourced the loan for the buyer.
Coral Springs Business Warehouse was built in 1976 and features 14-foot clear heights, 131 drive-in doors, 106 bays of varying size as currently demised and a parking ratio of 1.83 spaces per 1,000 rentable square feet. The property has been owned and operated under the same ownership group since 1984. It was 92 percent leased at the time of sale.
The building is located on a ±6.3-acre site at 12201 NW 35th Street within the 442-acre Commerce Park of Coral Springs. This location provides immediate access to Sample Road and the Sawgrass Expressway, allowing for efficient access to Miami-Dade and Palm Beach Counties.
“Due to the property’s diverse bay sizes, it occupies a unique position in the marketplace as it caters to both entrepreneurial small businesses and personal storage uses,” said Montazemi. “Strong demand for the storage space is provided by the population density that exists in the surrounding communities.”
“The strong occupancy that the property has historically enjoyed is partially a result of the superior connectivity and irreplaceable logistical advantage offered by its location,“ added Montazemi.
The South Florida Commercial Team of O’Donnell, Montazemi, Miguel Alcivar, Miller and Hochman closed more than $524 million in sales and financing in 2016. Please visit www.southfloridacommercialteam.com for more information about the team.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 45,000 employees in more than 70 countries help occupiers and investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. 2017 marks the 100-year anniversary of the Cushman & Wakefield brand. 100 years of taking our clients’ ideas and putting them into action. To learn more, visit www.cushwakecentennial.com, www.cushmanwakefield.com or follow @CushWake on Twitter.