Graebel Movers Complete $9M Sale-Leaseback

(Crystal Proenza is associate editor of Real Estate Florida.)

DEERFIELD BEACH, FL-Graebel South Florida Movers has completed a sale-leaseback of its local 120,000-square-foot warehouse at 2900 SW 15th St. to Miami-based Easton Group. The transaction is valued at $9.6 million, 70% more than what the company bought it for, with Graebel remaining as a tenant for the next three years.

The warehouse was constructed as a build-to-suit for the regional office of the Denver-based global moving company by the Richard Mancini Trust in 2003. Graebel originally signed a 10-year lease at the site, with an option to purchase after five years. As that option came due, the company purchased the building for $5.6 million.