MIAMI—A freestanding single-tenant building leased to Bassett Furniture Industries has a new owner. Queens Boulevard Corporation, purchased the retail property for $4.3 million from RM-Trion Coral Ridge I, LLC, a joint venture partnership of Ross Matz Investments and Trion Ventures.
The CBRE team of David Donnellan and Todd Weintraub represented the seller in the transaction. Donnellan and Weintraub are part of the CBRE's Private Capital Group, based in Fort Lauderdale.
“The Bassett store is ideally located to serve the broader trade area of the eastern half of Broward County as consumers are drawn to the high concentration of home furnishing tenants along the Federal Highway corridor,” says Donnellan, first vice president with CBRE. The property is located at 3550 N. Federal Highway (US 1).
Bassett Furniture was built in 2007 and occupies a two-story 14,017-square-foot building on a 0.45-acre site. The property is strategically located in the heart of “Furniture Row” along the primary retail corridor in affluent East Fort Lauderdale, surrounded by leading national and regional furniture chains including Ethan Allen, La-Z-Boy, Thomasville, City Furniture, Carl's, Baer's, and Ashley Furniture.
“This was another transaction where the purchaser was a 1031 exchange buyer,” says Weintraub, a senior associate with CBRE. “As overall transaction volume has increased substantially over the past few years, exchange investors have been attracted to these single-tenant, net-leased opportunities, helping to drive premium pricing.”
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