Chris Metzger, Richard F. Etner Jr., Christopher Thomson and Matthew G. McAllister Represented Advanced Business Associates in the Disposition, Named Leasing Advisor for Two Buildings Buyer Tamarac Industrial Ventures LLC Plans to Develop at the Site
TAMARAC, FL, December 12, 2018 — Cushman & Wakefield has negotiated the sale of a 22.35-acre industrial development site in central Broward County.
The South Florida Industrial Brokerage Team of Chris Metzger, Richard F. Etner Jr., Christopher Thomson and Matthew G. McAllister represented Tamarac-based Advanced Business Associates, LLP in the disposition. Coconut Creek, FL-based Tamarac Industrial Venture, LLC, a joint venture of Butters Construction & Development and an institutional capital partner, acquired the site.
Tamarac Industrial Venture, LLC intends to develop two industrial warehouse and distribution facilities on the land. Structural details and a development timeline have yet to be announced. Metzger, Etner Jr., Thomson and McAllister will serve as the exclusive leasing agents for the buildings.
The site is located just north of the Commercial Boulevard and Sawgrass Expressway interchange, providing excellent visibility from the Sawgrass Parkway and exceptional access to South Florida’s Tri-County area of Broward, Miami-Dade and Palm Beach Counties.
“This acquisition represents a rare opportunity to develop a large-scale industrial park in the South Florida market, which is extraordinarily land-constrained with high barriers to entry,” said Metzger. “With the Everglades to the west and the ocean to the east, there are very few large development sites left in Broward County. The western corridor along the Sawgrass Expressway and I-75 is the last frontier. “
“We have witnessed strong absorption driving rents dramatically higher over the past 24 months,” added Etner. “Our research indicates the overall vacancy rate in Broward County is at an almost all-time low of 3.1%. Continued population and job growth is driving demand for centrally located distribution space.”
The eight-member South Florida Industrial team led by Metzger, Etner Jr., and Thomson has negotiated just over 2.3 million square feet of sales and leases valued at more than $163 million in 2018. For more information, please visit www.southfloridaindustrialteam.com.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow \@CushWake on Twitter.