Car wash equipment manufacturer sells Tamarac warehouse for $18.5M

The warehouse at 5606 North Hiatus Road sold for $135 psf

Miami /
Jun.June 01, 2017 04:30 PM

Car wash equipment manufacturer Paul Fazio just sold his 136,894-square-foot warehouse in Tamarac for $18.5 million to an arm of the Boston private equity firm Cabot Properties, records show.

The buyer, CICF I – FL2M01 LLC, paid $135 per square foot for the warehouse at 5606 North Hiatus Road. It lies east of the Sawgrass Expressway and north of Commercial Boulevard.

Property records show Fazio bought the land, which stretches nearly 8 acres, in 2000 for $1.8 million under the entity Fazio Holdings LLC. The warehouse was built in 2oo1 to 2002, records show.

Cabot Properties has a history of buying warehouses in South Florida. Last year it bought a 124,420-square-foot warehouse in Royal Palm Beach for nearly $16 million.

At about the same time, three retail centers in Tamarac and Lauderhill hit the market for $10.87 million.

Investment in Broward’s industrial properties is rising. According to a Colliers International South Florida report, the first quarter of 2017 saw double the investment in the Broward industrial market, to $145 million, compared to $75 million in the same period of the previous year. Vacancy rates also dropped to about 4.4 percent in Broward, according to the report.


Related Articles

arrow_forward_ios
Genghiz Erden and 6510-6566 and 6570-6596 North University Drive (Google Maps)
Investors pay $7M for Tamarac shopping center
Investors pay $7M for Tamarac shopping center
1930 Northwest 23rd Street with (from left) Shane Neman, Richard Kilstock and David Aaron (Getty, Arkadia, Neman Ventures)
Arkadia buys cold storage warehouse in Allapattah for $5M
Arkadia buys cold storage warehouse in Allapattah for $5M
Mike Nunziata & the site map
13th Floor scores approval for housing community on former golf course in Tamarac
13th Floor scores approval for housing community on former golf course in Tamarac
From left: Steve Bisciotti, Jim Davis with  Jim and John Arrigo, with 5901 Madison Avenue, Tamarac and 2250 North State Road 7, Margate (Getty, Arrigo Auto Group, Google Maps)
Investment firm tied to Baltimore Ravens owner buys South Florida car dealerships for $91M
Investment firm tied to Baltimore Ravens owner buys South Florida car dealerships for $91M
Ron Bergeron with 3310 Northwest 24th Street (Credit: Facebook and Google Maps)
“Alligator Ron” Bergeron sells properties near Miami airport to Prologis
“Alligator Ron” Bergeron sells properties near Miami airport to Prologis
Vizcaya Villas at 10011 South Nob Hill Circle, Newmark Knight Frank’s Tal Frydman, Avery Klann, Hampton Beebe
Symphony Residential nabs apartment complex near Sawgrass Mills
Symphony Residential nabs apartment complex near Sawgrass Mills
Cusano’s Italian Bakery at 6806-6814 North State Road 7 (Credit: Google Maps)
Cusano’s Italian Bakery buys out landlord for $14M
Cusano’s Italian Bakery buys out landlord for $14M
South Florida’s industrial market could benefit from the coronavirus pandemic
A safe bet: South Florida’s industrial market could boom after pandemic
A safe bet: South Florida’s industrial market could boom after pandemic
arrow_forward_ios

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

Loading...