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Chromas Facility Asking Price Drops $1 Mil

FT. LAUDERDALE, FL-Citing concerns regarding current absorption levels in Broward County for larger buildings, Mid-America Management Corp. has dropped the sale price of the Chromas facility in Fort Lauderdale by $1 million.

By Pat Taylor | Updated on November 26, 2001

FT. LAUDERDALE, FL-Mid-America Management Corp. has dropped the sale price of the Chromas facility, located at 2030 West McNab Road, Fort Lauderdale, from $5.75 million to $4.75 million. Alternately, CB Richard Ellis has been told to lease the facility “as is” at a below market rate of $3.95 per sf, net. The average lease rate for bulk warehouse distribution buildings in Broward County is $5.50 per sf, net.

The reason for the price reduction, according to Harry Tangalakis of CB Richard Ellis, is concern about the current absorption levels in Broward County for buildings of 100,000 sf or more, a market which now totals 2,314,783 sf. Tangalakis said that although the county’s market base of 20,000-sf to 35,000-sf buildings remains strong, the landlord market of the last five years for larger buildings is softening.

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