Flex-Industrial Commands High Figure
A flex-industrial building in Miami has sold for what the broker defined as the high watermark price for this property type in 2015.
- Jun 12, 2015
A flex-industrial building on the western edge of the city of Sunrise was sold recently for what the broker described as a high watermark price for this property type in 2015. Morris Southeast Group, the only broker involved in the transaction, announced the sale worth $6.02 million. The seller in the deal was MPSS LLC and the buyer is an owner/occupier, OT Investments LLC. The price translates into just under $134 per-square-foot for the 45,000 square-foot building. Based on data from Property Shark, the median price-per-square-foot in the immediate vicinity of the property is $135 in the first half of 2015. The 3.7-acre site is located 700 Sawgrass Corporate Parkway on the northwest quadrant of I-595’s intersection with Sawgrass Expressway/I-75. Due to its direct access to these main arteries, the area has excellent connection to Fort Lauderdale and Miami as well as to the state’s western coastline and the Central Florida region. According to Property Shark, the property was built in 2002, and the broker’s press release said that it was constructed for the first tenant, Martin Professional, a lighting design and manufacturing company based in Denmark. The company occupied the building until a recent downsizing following its late-2012 merger with Harman Industries. The property includes a mix of offices, showroom space, reception area and light assembly. Photo credits: Google Maps