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Broward Development Plans 180,000-SF Office-Warehouse

SUNRISE, FL-Broward Development Associates paid about $5 million for a 13-acre parcel here, where it is planning 140,000 sf of office warehouse condos and another 40,000 sf of office space to be leased. The permit process is under way for the first building.

By Melissa Bogdany | Updated on March 30, 2004

SUNRISE, FL-Perhaps the largest available tract of land in the city has been sold, and the new owners plan to develop a 180,000-sf office and warehouse complex. Broward Development Associates purchased the 13 acres for about $5 million, or approximately $384,615 per acre. The seller was Sunwest Business Center Ltd.

Plans for the property call for 140,000 sf of office warehouse condos to be offered for sale over the next couple of years, according to George I. Pino, a senior associate in commercial sales and leasing with Codina Realty Services Inc.-Oncor International, which represented Broward Development Associates in the transaction. The owners are starting immediately with Building D, which is planned to contain nine units, each about 3,500 sf. Buyers can combine bays if more space is desired. The owners are currently obtaining permits for the project. In all, four buildings are planned. In addition to the for-sale space, 40,000 sf of office space is also planned for lease, Pino says.

“We think these are going to sell pretty quickly,” Pino says. “We feel with the low interest rates, there will be a demand for this type of product. A lot of people, we feel, would like to own.” Warehouse shells go for approximately $90 to $100 per sf in that market, he says.

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