FORT LAUDERDALE, FL-In another sign South Florida’s industrial market is making a strong recovery, a 70,000-square-foot building in the Fort Lauderdale Commerce Center has traded for $4.5 million. Located at 5360 NW 35th Ave., Good Roads, a Florida-based wheels and tires manufacturer, acquired the property from Nat and Sam Butters.
Cushman & Wakefield's Chris Metzger, Rick Etner, Sky Groden, Christopher Thomson and Justin Cope represented the sellers in marketing the property. CushWake also represented Good Roads in negotiations with Nat and Sam Butters.
“This property includes 20,000 square feet of leases with 50,000 square feet of empty space,” Metzger tells GlobeSt.com. “Good will occupy the 50,000 square feet and may expand into the extra space when the tenants’ leases expire. This is another sign that the market is picking up. This property saw strong interest from investors and users.”
Good Roads is expanding from its existing owned facility at 3600 NW 54th St., also located in Fort Lauderdale Commerce Center. Located just off Commercial Boulevard on NW 35th Avenue, the building features 5,000 square feet of office space, 24-foot clear ceiling heights, eight dock-high doors and is 100% air conditioned. The property is located between I-95 and the Florida Turnpike.
As Metzger sees it, the bottom of South Florida’s market has come and gone. He says vacancy peaked at the end of the third quarter of 2009. Now, bidding wars for lease and purchase are increasingly common. Still, most industrial developers are sitting on the sidelines.
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