Richard F. Etner Jr., Christopher Metzger, Christopher Thomson and Matthew G. McAllister Represented Exeter Property Group in its $14.88 Million Acquisition of 4250 Coral Ridge Drive
CORAL SPRINGS, FL, September 27, 2017 — Cushman & Wakefield announced today that is has negotiated Exeter Property Group’s $14.88 million acquisition of 4250 Coral Ridge Drive, a 245,000-square-foot manufacturing facility situated on ±38.4 acres in Corporate Park of Coral Springs, of which ±17.6 acres is developable land.
Executive Director Richard F. Etner Jr., Executive Director Christopher Metzger, Executive Director Christopher Thomson and Director Matthew G. McAllister represented Philadelphia-based Exeter Property Group in the acquisition. Exeter acquired the asset from Hoerbiger Corporation of America.
The Cushman & Wakefield team also negotiated The Enthusiast Network’s $12.85 million sale of the asset to Hoerbiger Corporation of America in July 2015. Hoerbiger was expected to relocate its stateside manufacturing operations to this site, but changed plans earlier this year.
4250 Coral Ridge Drive, formerly known as the Alliance Building, was constructed in 1981 and fully renovated in 1995 to meet Category Five hurricane safety standards. It features 196,000 square feet of warehouse and manufacturing space, 63,000 square feet of high-end office space, a 17,771-square-foot mezzanine, a 1,600-square-foot data room, a 45-seat auditorium-style theater and 537 parking spaces. The facility is 100 percent air-conditioned; offers ceiling heights from 24 feet to 35 feet; is equipped with nine dock-high and one drive-in door; and can run for seven days at full capacity off a back-up generator.
The building sits on 38.41 total acres of land near the northwest corner of Coral Ridge Drive and Northwest 41st Street. The main structure occupies approximately 18.45 acres and is accompanied by a 2.4-acre water management area. The site includes three potential development parcels to the north (7.66 acres), southeast (4.6 acres) and southwest (5.3 acres) of the building. All land is zoned Industrial, Research and Development (IRD) with retail uses permitted.
“This was a unique opportunity to acquire a quality manufacturing facility along with developable land,” said Etner Jr. “This type of disposition is extremely rare in Broward County.”
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