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Industrial Sale Marks Record for Broward County

MIRAMAR, FL-Keystone Operating Partnership paid $26 million for the 536,435-sf office/warehouse property at 3701 Flamingo Rd. here. The seller was Timco Aviation Services, which was looking to downsize in the building.

By Melissa Bogdany | Updated on April 02, 2004

MIRAMAR, FL-A 536,435-sf office/warehouse facility in the city has been sold for $26 million. It is the largest industrial building ever sold in Broward County, according to brokers involved in the sale. Keystone Operating Partnership LP, the operating partnership of the real estate investment trust Keystone Property Trust, purchased the property, located at 3701 Flamingo Rd., from Timco Aviation Services Inc.With the sale, the existing tenant, Kellstrom Industries Inc., repositioned and downsized its lease obligation. Meanwhile Keystone Operating Partnership got into a building “substantially below cost,” says Harry G. Tangalakis, a broker in the deal. Tangalakis, senior vice president of CB Richard Ellis, and Jolie Spergel, an associate with the company, represented Timco Aviation and were the exclusive listing and only brokers in the transaction.According to Roy Rimmer of Timco Aviation, the deal enabled Timco and Keystone to take advantage of market conditions.Kellstrom Industries, in the airborne equipment segment of the international aviation services after-market sector, leased the entire building before the sale. Kellstrom Industries, whose customers consist of commercial airlines, manufacturers and overhaul facilities, filed for Chapter 11 protection under the US Bankruptcy Code in February 2002, according to its website. In an effort to save money, the company decided not to take all the space since business decline in the wake of the Sept. 11, 2001 terrorist attacks, according to Tangalakis.Now, Keystone Operating Partnership has signed a new lease with Applica for approximately 110,000 sf of office space at the property. Space will be immediately modified for both tenants.The seller was the original owner of the property, which was a build-to-suit in 1999 and 2000.

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