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.”