Search
 

AMB Distribution Center Sells for $5M

CORAL SPRINGS, FL-The 106,600-square-foot building will be used to make light fixture guards.

By Carl Cronan | Updated on July 20, 2009

CORAL SPRINGS, FL-A manufacturer of fluorescent light guards and other products has purchased the AMB Coral Distribution Center here for nearly $5.3 million, or just under $50 per square foot. Brokers believe the purchase represents a new basis for local industrial transactions.

Coral Vutec Properties LLC, basedin Pompano Beach, bought the 106,600-square-foot building on nine acres at West Sample Road and Coral Ridge Drive from AMB Fund III Mosaic LLC. The tilt-wall constructed building opened in 1996 and last sold for $9.5 million in December 2006.

“Buyers were looking for a bottom and we just found it,” says Harry Tangalakis, senior vice president with CB Richard Ellis in Fort Lauderdale. “Now is the time for users and investors to take advantage of the current depressed market.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 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.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.