Fort Lauderdale industrial site trades for $5.3M

Miami /
Jun.June 19, 2015 04:10 PM

The Gateway Industrial Center, a 4.6-acre complex of warehouse and manufacturing space, has sold for $5.3 million.

Gateway is a 103,316-square-foot industrial property at 2030 West McNab Road. It was built in 1976, and has a full-building generator, air-conditioned warehouse space, docking bays and forklift doors, plus an overhead crane.

Its new owner, Donovan Marine, is a seller of marine parts that’s headquartered in Louisiana. The company has locations in 11 states throughout the western and southeast United States, including two sites in South Florida — one near the Fort Lauderdale International Airport, just a few miles away from the McNab Road property. Donovan also took out a $4 million mortgage on the property with Iberiabank, according to Broward County property records.

Gateway was most recently purchased two years ago for $3.3 million by investment company RER Ventures, headed by Christopher Kallivokas.

“Mr. Kallivokas has been actively involved in the acquisition and turnaround of opportunistic real estate and loans secured by real estate for investment purposes,” according to the company’s website.

Kallivokas said in a statement that he’s continuing to look throughout South Florida for “value-add properties” to purchase.

Larry Genet, Tom O’Loughlin and Harry Tangalakis from commercial brokerage CBRE represented Donovan for the sale. On the buyer’s side, Randall Walker of The Industrial Group and John Dohm of Florida Transatlantic Holdings brokered the deal.

“Broward County’s industrial market continues to exhibit robust growth, but is still somewhat constrained by the limited availability of quality product for owner-occupiers,” said Larry Genet of CBRE in a statement. “This transaction is a good example of how demand from owner-users seeking to purchase multi-tenant buildings vastly exceeds supply. As a result, users are willing to accept significantly lower returns and greater leasing risk than a traditional investor.”


Related Articles

arrow_forward_ios
Jean Francois Roy and renderings of the Fort Lauderdale project (OceanLand)
Jean Francois Roy plans bulk condo buyout to build multifamily project near downtown Fort Lauderdale
Jean Francois Roy plans bulk condo buyout to build multifamily project near downtown Fort Lauderdale
1007 West Prospect Road in Fort Lauderdale and 999 West Prospect Road in Oakland Park
Seattle investors buy Fort Lauderdale, Oakland Park apartment buildings for $7M
Seattle investors buy Fort Lauderdale, Oakland Park apartment buildings for $7M
Patrick Bet-David and (inset) Vince Virga with the property (Twitter)
Instagram dream home? Patrick Bet-David pays record $20M for waterfront mansion in Fort Lauderdale
Instagram dream home? Patrick Bet-David pays record $20M for waterfront mansion in Fort Lauderdale
Eindar Khant and 1529 Middle River Drive in Fort Lauderdale (Crunchbase, Tiffany on the Water)
Keep those bills coming: Medical billing honchos buy waterfront Fort Lauderdale spec home for $6M
Keep those bills coming: Medical billing honchos buy waterfront Fort Lauderdale spec home for $6M
Feldman Equities exec Larry Feldman and the Pinnacle Corporate Park office complex (Avison Young, iStock)
Feldman Equities buys Fort Lauderdale office complex for $59M
Feldman Equities buys Fort Lauderdale office complex for $59M
1601 Southeast 8th Street, Fort Lauderdale (VHT Virtuals 1 for ONE Sotheby's International Realty)
Former Rinker CEO sells waterfront home in Fort Lauderdale for $7M
Former Rinker CEO sells waterfront home in Fort Lauderdale for $7M
Baia Beach Club owners Michael Liebowitz, Perry Weitz and Russell Galbut. (Baia Beach Club via Facebook, Harbor Group Consulting, Weitz & Luxenberg)
The Weekly Dish: Perry Weitz buys into Mondrian South Beach, Lagniappe owner acquires Edgewater property & more
The Weekly Dish: Perry Weitz buys into Mondrian South Beach, Lagniappe owner acquires Edgewater property & more
Mesirow Financial Chair and CEO Richard Price with Elan 16Forty apartments at 1600-1700 East Sunrise Boulevard (Google Maps)
Mesirow buys Fort Lauderdale multifamily complex for $84M
Mesirow buys Fort Lauderdale multifamily complex for $84M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...