Pending the outcome of a due-diligence inspection, the company could close by May on the 17.6-acre property for an estimated sale price of $6.9 million.
Although he wasn't involved in the final contract negotiations, Chris Metzger, a senior director and broker in the Fort Lauderdale office of Cushman & Wakefield of Florida Inc. who represented Suddath in the deal, confirmed all publicly available details about the transaction. He estimated the price on the property at 5701 NW 94th Ave. at $25 per sf.
Suddath signed a contract to acquire the building from Fundamental Hopkins Easton No. 11 Ltd. The general managing partners of the limited partnership are Miami-based Fundamental Hopkins Easton No. 11 Inc., Edward W. Easton, president, and Coral Gables-based Matheson Enterprise Management Inc., Finlay B. Matheson, president. Tom Kimen represented Fundamental Hopkins as a broker-employee.
Last year, the Broward County property appraiser assessed 281,633 sf in adjusted building improvements on the Tamarac site at $6.7 million and 767,401 sf feet of land at $1.92 million. Once the closing occurs, Metzger says Suddath expects to occupy about 120,000 sf in the Tamarac building.
The company intends to vacate a 75,000-sf site in Pompano Beach, FL over the next year as an existing lease expires on that site. Ferguson Enterprises Inc., a plumbing company, would retain space it now leases in the Tamarac building.
It is uncertain whether Suddath sought the property to accommodate expansion needs in South Florida because company officials did not respond to a request from GlobeSt.com for comment.
Since its formation in 1919, Suddath Relocation System has become one of the top 10 domestic moving companies as an agent and carrier for United Van Lines and one of the country's largest international forwarding companies. As one of largest of the 500 agents affiliated with United Van Lines, Suddath manages about 30,000 domestic shipments each year and another 17,000 global shipments. The company ranks as one of the top 100 privately owned companies in the Southeast, employing more than 1,2000 workers.
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