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CORAL SPRINGS, FL-San Francisco-based AMB Property Corp. has acquired the 106,599-sf former Royal Technologies Building for $9.5 million. The price tag for the 17111 W. Simple Rd. asset pencils out to $89 per sf.
CB Richard Ellis senior vice president Harry Tangalakis represented the seller in the transaction, Royal Group Technologies. Tangalakis tells GlobeSt.com that the building was sold because Royal Group Technologies, which is based in Ontario, Canada, relocated a manufacturing facility to Toronto.
The warehouse building sits on 9.6 acres at the corner of Coral Ridge Drive and West Sample Road, one-half mile east of the Sawgrass Expressway. Constructed in 1996, it can be expanded to 132,000 sf and includes 24-foot clear ceilings, dock and ramp cross loading, two 2,500 amp electric panels and 16,000 sf of office space.
"There are few buildings in the market that offer the flexibility that this building offers," Tangalakis says. "The building can be leased to a manufacturing or warehouse/distribution company, it can be a corporate headquarters building, it can be expanded or it can offer an abundance of parking to a tenant with a heavy parking requirement."
Tangalakis will handle leasing for the property on behalf of AMB Property. Space rents for $7.75 per sf. Currently 30,000 sf of space in the building is being leased on a short-term basis, but a full-building tenant is being sought for the space. "We have two proposals that are being considered," Tangalakis says.
According to a CB Richard Ellis Q4 industrial market report for Broward County, Coral Springs is experiencing a 3% vacancy rate with 293,708 sf of positive absorption during the year and average asking rents of $8.80 per sf.
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