A 76,000-square-foot industrial building known as the ModComp Facility, in Fort Lauderdale, has sold for $1.9 million, according to a statement today from Irvine, Calif.-based commercial brokerage Sperry Van Ness, which handled the sale. The sale for the 3.76-acre lot averages out to $25.30 per square foot, according to the statement from Sperry Van Ness.
The Les Byron Associates-developed property was sold by 1650 West McNab Road Holdings to Valley Forge Fabrics, a statement from the brokerage said. The property last sold for $5.2 million, in 2005.
The size and configuration of the building had become problematic, so the new owner will invest in significant upgrades, according to Les Byron, managing director at Sperry Van Ness. A timeframe for the renovations was not immediately clear. —Christopher Cameron