NAI Rauch Weaver Norfleet Kurtz & Co Negotiates Sale Of Pompano Beach Small Bay Warehouse

Written by on 06.27.17 in Done Deals, Industrial, Investment Trends - No comments
Frank Morrison

NAI Rauch Weaver Norfleet Kurtz & Co., a member of the world’s premier managed network of commercial real estate firms, announced that Frank Morrison, Commercial/Industrial Real Estate Specialist, represented the sale of a 27,500-square-foot small-bay warehouse located at 601-605 NW 31 Avenue in Pompano Beach.

601 Florida LLC purchased the property from Triangle of South Florida for $2.1 million.

Morrison, who specializes in small-bay warehouses, reports that demand for this product type is very strong.

 

“This particular sale is a value-add situation wherein the Seller, being long-time owners with no debt, kept the property 100% occupied at below-market rents,” commented Morrison.  “Therefore, the Buyer has an opportunity to increase the Cap Rate from its current 6.5% to around 8%.”

 

 

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