Pompano Beach, FL – June 27, 2017 – NAI Rauch Weaver Norfleet Kurtz & Co., a member of the world’s premier managed network of commercial real estate firms, announced today that Frank Morrison, Commercial/Industrial Real Estate Specialist, represented the sale of a 27,500 SF small-bay warehouse located at 601-605 NW 31 Avenue, Pompano Beach, Florida 33069.
Morrison, who specializes in small-bay warehouses, reports that demand for this product type is very strong: “This particular sale is a value-add situation wherein the Seller, being long-time owners with no debt, kept the property 100% occupied at below-market rents. Therefore, the Buyer has an opportunity to increase the Cap Rate from its current 6.5% to around 8%.”
Property: 601-605 NW 31 Avenue, Pompano Beach, Florida 33069
Size of Property Sold: 27,500 Rentable Square Feet
Type of Property: Small-Bay Warehouse
Seller: Triangle of South Florida
Seller Rep: Franklin B. Morrison - NAI Rauch Weaver Norfleet Kurtz & Co
Buyer: 601 Florida LLC
Buyer Rep: None
Sales Price: $2,100,000
About NAI Rauch Weaver Norfleet Kurtz & Co.
NAI Rauch Weaver Norfleet Kurtz & Co. is a full-service commercial real estate brokerage and property management firm, a South Florida tradition for 50 years. We offer local deep roots with years of experience combined with the international reach of NAI Global. To learn more about our company and its services, visit our website at www.rwnk.com.
About NAI Global
NAI Global is a leading global commercial real estate brokerage firm. NAI Global offices are leaders in their local markets and work in unison to provide clients with exceptional solutions to their commercial real estate needs. NAI Global has more than 400 offices strategically located throughout North America, Latin America, Europe, Africa and Asia Pacific, with over 7,000 local market professionals, managing in excess of over 425 million square feet of property. Annually, NAI Global completes in excess of $20 billion in commercial real estate transactions throughout the world.
To learn more, visit www.naiglobal.com.
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