The Cleveland-based real estate investment company opted to sell the five-acre site at 2030 W. McNab Road after the Emporia, KS-based maker of web presses filed a petition last year to voluntarily reorganize under Chapter 11 of the U.S. Bankruptcy Code.
Few industrial-warehouse properties of this size are available either for sale or lease in the Fort Lauderdale market, local real estate experts tell GlobeSt.com.
Listed for sale at $5.75 million, the 23-year-old building is in a submarket that commands about $5.50-sf triple net for basic industrial-warehouse space, plus $1.50 per sf to $1.75 per sf for operating expenses. Depending on tenant needs and building condition, retrofit costs could add another $1.50 per sf.
In this instance, however, the property apparently needs little extra work. It contains 100% air-conditioning in 84,000-sf of warehouse space and in 19,000-sf of space designed for office and technical support needs. Built with 160 parking places, the property has six, deck-level loading bays, heavy power capabilities and a three-ton bridge crane.
The property is listed through the South Florida offices of CB Richard Ellis Inc. Harry Tangalakis, CB Richard Ellis first vice president, and Chris Gallagher, an associate, are representing the seller in negotiations.
Because of an improperly displayed sign, the property is being confused as the former site of operations for Chromas Technologies of Canada Inc., a Montreal-based manufacturer of flexographic presses with sales offices in Fort Lauderdale.
"We've never owned or leased the building," Neil R. Calhoun, Chromas Technologies chief executive officer tells GlobeSt.com. "We've been asking them, 'Please take it down.'"
Last September, Calhoun says, Didde Corp. sold an ownership stake in Chromas Technologies to Bethesda, MD-based American Capital Strategies Inc. The deal was valued at about $18 million.
It's apparent in talking with Calhoun that neither Chromas nor American Capital want any affiliation with Didde Corp. Officials at Didde did not respond to a request from GlobeSt.com for comment.
When Didde closed the Fort Lauderdale plant, Chromas Technologies hired about 30 workers from an operation that once employed a workforce of about 250. Calhoun says Didde terminated the remaining workers.
"Didde owes (Mid-America Management) a chunk of money," Calhoun adds.
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