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26-Year-Old Industrial Building Sells First Day on Market

MIAMI-Cummings Leasing paid Nortrax Corp. of Moline, IL a premium $975,000 or $84.78 per sf for the 11,500-sf Nortrax Building on a three-acre site and plans to spend another $300,000 upgrading the property in Pompano Beach, FL.

By Melissa Bogdany | Updated on October 21, 2002

MIAMI-The 26-year-old, 11,500-sf Nortrax Building at 2611 Hammondville Road, Pompano Beach, FL was sitting vacant on a three-acre site at the right time and the right place when representatives for Cummings Leasing spotted the structure and bought it the first day it was placed on the market.

The Pompano Beach trucking fleet leasing and maintenance company purchased the property from John Deere equipment distributor Nortrax Corp of Miline, IL for $975,000 or $84.78 per sf, considered on the high side by area industrial brokers for a 1976 vintage building. Cummings plans to spend an additional $300,000 on improvements.

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