Posted on May 29, 2018 · Posted in Industrial / Flex, Investments, Land

Following a sealed bid process and a short due diligence period, a subsidiary of Liberty Property Trust has closed on the purchase of a 28-acre industrial site located at 4030 State Road 7 in Dania Beach.

Colliers International South Florida brokers Steven Wasserman and Brooke Berkowitz represented the City of Fort Lauderdale in the $13.9 million sale to Liberty Property Limited Partnership.

Located just south of Interstate 595 and minutes from Interstate 95 and Florida’s turnpike, the site was marketed in accordance with City of Fort Lauderdale charter for disposing property through a sealed bid process and resulted in five bids, ranging from $12 million up to the final sale price of $13.9 million. The sale marks one of Colliers South Florida’s first assignments from the City of Fort Lauderdale within its new contract to proactively manage the city’s real estate and dispose of surplus properties.

Buyer Liberty Property Limited Partnership has shared plans for its new proposed development, Liberty 595 Distribution Center, consisting of approximately 300,000 square foot Class A industrial distribution space.

“Liberty views this site as one of the most strategically located warehouse and distribution sites in the South Florida marketplace,” noted Andy Petry, VP Market Officer Florida, for Liberty Property Trust. “This location offers our tenants unparalleled access to Port Everglades, the Fort Lauderdale/Hollywood International Airport, and to all of Dade, Broward and Palm Beach Counties via Interstate 595 to Interstates 95 and 75 and the Florida Turnpike. There is no other location in South Florida with such immediate access to the primary road network.”

The site, sold in “as-is” condition, once served as a composting site for the City of Fort Lauderdale and was later used by the city’s Public Works Department. Proceeds from the sale are planned to be used toward City of Fort Lauderdale projects, including infrastructure and investments such as seawall repairs, an emergency medical services station and the Fort Lauderdale Acquatic Center.

“South Florida is the 11th largest industrial market in the United States and Broward County, specifically, is driving a majority of that South Florida demand,” added Executive Vice President Steven Wasseman. “The combination of untapped land in close proximity to main transportation arteries made this an attractive property to a wide variety of industrial bidders.”

 

Source: CRE-sources

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