Posted on January 3, 2017 · Posted in Industrial / Flex, Office

Levy Realty AdvisorsBroker and President Alan Levy represented the Buyer, CJ Partners Hollywood, LLC, in the purchase of The Wartsila Building, a high-tech warehouse and manufacturing facility located at 2900 SW 42nd Street in Hollywood.

Hanseatic Land Trust, represented by Cushman & Wakefield’s Dominic Montazemi, Greg Miller, and Scott O’Donnell, sold the 81,922-square-foot warehouse facility for $13,700,000. The deal closed December 13.

The transaction represents the second single-tenant office/warehouse Broward County transaction that Alan Levy has handled for the principals involved with the CJ Partnership since entering the market in 2014.

“The principals were attracted to the long term stability of the highly sought after Port 95 Industrial submarket due to its close proximity to the Ft. Lauderdale / Hollywood airport, Port Everglades, and the I- 595/I-95 corridor for Class A industrial properties with credit tenants, which was reflected in the acquisition price,” commented Levy.

The property was utilized as the regional headquarters for North America for the US arm of Wartsila, a leading supplier of flexible power plants and ship power solutions. In addition to corporate staffing, the property was used for warehousing, distribution, training, manufacturing and maintenance of the company’s products and services. The office area of the building was recently expanded by approximately 4,000 square feet, for a total of 32,000 square feet, and approx. 32 additional parking spaces were added to accommodate the tenants’ rapid growth.

The property is situated in Port 95 Commerce Park, a mixed-use business park comprised of more than 2.4 million square feet of space situated on 186 acres of land, located just west of the Fort Lauderdale/Hollywood International Airport.

Levy has been awarded the exclusive right to manage the newly acquired property and serve as the owner’s agent.

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