The Broward County Commission recently authorized county staff to initiate negotiations with the owner of the two industrial buildings on Northwest 27th Avenue adjacent to Delevoe Park, along with the owners of 17 other mostly residential properties located throughout the county.
In a unanimous decision, the commission approved all 19 sites recommended by the commission-appointed Land Preservation Advisory Board as possible acquisition targets under the 2000 Safe Parks and Land Preservation Bond Program.
The commission also allocated $2 million in bond-funded proceeds for initial due-diligence and acquisition purposes, though the value of the opening bids on all 19 properties total slightly more than $2.1 million.
In its bid on the industrial property, the commission is offering Plantation Industrial West, owner of the Northwest 27th Avenue site, $730,000 each for a 53,650-sf building on a 1.23-acre parcel and a 54,417-sf building on a 1.24-acre parcel.
The total bid of slightly more than $1.4 million, or about $13.52 per sf, is less than the $1.55 million that Plantation Industrial West, also known as Fort Lauderdale One Industrial, paid for the property in 1991, according to Broward County property records.
It is uncertain whether the investors in Plantation Industrial West are considering the offer, because GlobeSt.com was unable to locate the company representative listed in county records, Stephen N. Cianco, for comment.
The pending bid on the Plantation Industrial West property is substantially more than any single bid the county is making on any of the other 17 properties, including an abutting property owned by Vernon, Sandra and Curtis Turner.
For the Turner property, the county is offering $150,920, or about $62,883 per acre, for two parcels containing slightly more than 2.4 acres.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
