(Read more on the industrial market.)
BROWARD COUNTY, FL-Fort Lauderdale-based Matecumbe Capital Management has acquired the Rand Industrial Portfolio, a nine-building, 254,076-sf industrial portfolio in Davie and Plantation for $21.5 million.
The portfolio consists of small-bay warehouse, highly finished office-service and research and development space situated on two campuses--Davie Park of Commerce and Plantation Technology Park. The portfolio was 91% occupied by 51 tenants at the time of the sale.
The seller, Rand Industrial Realty No. 101, LP, was represented by CB Richard Ellis senior vice president Scott O'Donnell and senior associate Dominic Montazemi. They were the sole brokers in the transaction.
According to a CB Richard Ellis Q3 market report, Broward County's industrial market is continuing to show signs of strength, despite slight increases in vacancy rates and negative absorption for the quarter. The county's 120-million-sf market is experiencing a 5.3% vacancy rate with 958,982 sf of negative absorption year-to-date. Average asking rents are $8.95 per sf. "Broward County's industrial sector saw a slight rise in the overall vacancy rate this quarter, however it remained well below the national average of 10%," the report states. "Net absorption remained negative for the quarter, but tight market conditions continued to persist."
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