(To read more on the industrial market, click here.)
POMPANO BEACH, FL-Old Dominion Freight Line Inc. of Thomasville, NC has acquired a 13,459-sf building from competitor Roadway Express Inc. of Akron, OH for $3 million, according to Broward County real estate recordings and Integra Realty Resources. The price equates to $222.90 per sf based on the building's net rentable area or $14.32 per sf based on the 209,502 sf of the building's total land area.
Area construction sources tell GlobeSt.com the price is considered a premium based on the average hard construction cost today of about $50 to $65 per sf for a comparable structure. The Broward County tax assessor's office values the property at $1.84 million or $137.25 per sf based on the building area. Jerry C. Bowlin, vice president, Roadway Express, negotiated for his company. David S. Congdon, president, Old Dominion Freight Line, represented his firm.
In a Palm Beach county warehouse transaction, Spirit Master Funding III of Scottsdale, AZ paid Princeton Holding Co. of Princeton, NJ $3.8 million for a 44,112-sf building at 3661 W. Blue Heron Blvd. in Riviera Beach, according to county real estate records and Integra Realty Resources. The sale price equates to $86.14 per sf based on the total building area or $29.18 per sf based on the 130,245 sf of total land area.
At $86.14 per sf, area industrial brokers familiar with comparable nearby properties tell GlobeSt.com the price would still be above replacement cost of about $45 to $55 per sf. Gregg A. Seibert, senior vice president of Spirit Master Funding III, represented his group in the transaction. Nicole Brandon, president, Princeton Holding, negotiated for her company.
The Palm Beach county tax assessor's office values the property at $1.93 million or $43.79 per sf of total building area and $14.83 per sf based on total land area. Citibank provided the acquisition financing. The 25-year-old warehouse sits on 2.99 acres. In August 2000, county records show the building was sold for $1.8 million. The property was sold again in 1992 for $1 million.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- 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
*May exclude premium content© 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.
