Avison Young Brokers Sale in Growing Submarket
- Nov 11, 2019
Avison Young closed the $7.8 million sale of two fully-leased warehouses at 1690 and 1700 Banks Road in Margate, Fla. Avison worked on behalf of the sellers, Robert Chess LLC and Steven Chess LLC. Center Business Park LLC was the buyer.
The transaction was financed through a $5.3 million loan provided by CenterState Bank. The assets last changed hands in 2001 for $3.25 million, according to Broward County records.
Built in 1991 and 1998, the two buildings sit on 4 acres of land and are located a block southwest of the intersection of Copans Road and U.S. 441. Central Business Park offers easy access to Florida’s Turnpike, Interstate 95 and the Sawgrass Expressway. Among its tenants it counts Jacobs Telecommunications and CSM Motors.
Sold at a price of $131 per square foot, the sale is illustrative for the investment landscape in South Florida, according to David Duckworth, principal with Avison Young. The Coral Springs industrial market is experiencing decreasing industrial vacancy and rising rental rates in line with trends seen throughout the county, Tom Viscount of Avison Young says.
Duckworth and Viscount’s colleagues, John Crotty, Michael Fay, Brian de la Fé, Berkley Bloodworth and Emily Brais, were also part of the team that advertised and sold the property.