November 6, 2019 — Avison Young’s Florida Capital Markets Group negotiated the $7.8 million sale of Central Business Park, a two-building, multi-tenant industrial portfolio totaling 59,687 square feet of fully-leased space at 1690 and 1700 Banks Road in Margate, Florida. Avison Young represented the sellers, Steven Chess, LLC, and Robert Chess, LLC. The buyer was Center Business Park, LLC.
“We secured a local private investor looking to capitalize on Central Business Park’s stable cash flow at full occupancy,” said David Duckworth, Principal with Avison Young. “At a strong per-square-foot price of $131, the sale represents the trend of investors continuing to eye stabilized industrial assets in South Florida.”
In addition to Duckworth, Avison Young Principals John K. Crotty, CCIM; Michael T. Fay, who is also Managing Director of the firm’s Miami operations; Tom Viscount; Senior Associate Brian de la Fé; Associate Berkley Bloodworth; and Associate Emily Brais led the marketing and sale. In the month of October 2019 alone, the South Florida team closed over $100 million worth of industrial sale transactions.
“Margate is within Coral Springs submarket which is experiencing decreasing industrial vacancy and rising rental rates in line with trends seen throughout Broward County,” said Viscount. “Demand for space across South Florida has fueled unprecedented investment activity, solidifying industrial as one of the region’s hottest asset types.”
Situated a block southwest of the corner of Copans Road and US-441, Central Business Park provides great access to Florida’s Turnpike, Interstate 95, and Sawgrass Expressway. The portfolio features diverse, synergistic tenants including Jacobs Telecommunications, a multi-national corporation with over $15 billion in revenue. In addition, the asset boasts a well-distributed lease expiration schedule and upside potential to increase current rents 3% per year.