Posted on December 8, 2015 · Posted in Industrial / Flex, Investments, Office

An investor has paid $14.5 million for six buildings in the Davie Industrial Park, marking the assembly’s second sale since the buildings were first constructed in the 1990’s.

The buildings are all single-story warehouses and offices with tenants like Enviro-Drill, a Florida drilling company, and Gilmore Associates, a shipping company.

They were sold by an affiliate of Matecumbe Capital Management, a real estate investment and development firm based in South Florida. Matecumbe, headed by Steve Santolla and Tom Lihan, purchased the portfolio for $16.3 million in 2007, according to Broward County property records. The new buyer is Samjaz Nova Davie, a Pembroke Park company managed by investor Sam Jazayri.

Together the portfolio has roughly 187,772 square feet of space, so this most recent sale breaks down to about $77 per square foot. That’s a significant drop from the $86 per square foot that Matecumbe paid eight years ago.


Source: The Real Deal

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