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City Furniture Marking Down Asset

SUNRISE, FL-Owners of industrial-warehouse properties show some signs of acceding on sale prices amid an increase in the number of available larger sites in this southwest Broward County submarket 26 miles north of Miami.

By David R. Corder | Updated on May 29, 2001

SUNRISE, FL-Eight months just might be the threshold for City Furniture Inc.The Sunrise-based furniture distributor is considering whether to reduce the $11.5 million asking price ($64.32 per sf) on the 178,791-sf office-warehouse site it intends to vacate, once construction is completed on a new 666,000-sf headquarters building in the neighboring community of Tamarac.

Such a re-evaluation might be one of the subtle indicators that deal-making is on the mind of some owners of larger industrial-warehouse properties in the southwest submarkets of Broward County.

During a meeting yesterday, City Furniture officials discussed a probable price reduction with representatives from Cushman & Wakefield of Florida Inc., the property’s sales agent. “We will have a price reduction,” Chris Metzger, a Cushman & Wakefield senior director, tells GlobeSt.com. “What we don’t know is what that amount will be.”

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