The Real Deal Miami

Ahoy! Michael Dezer buys former Nautical Furnishings warehouse in Fort Lauderdale for $6M

The 52,738 sf warehouse sold for about $114 psf
By Amanda Rabines | June 13, 2017 12:45PM

6500 North Powerline Road (Inset: Michael Dezer)

Michael Dezer, the founder of Dezer Development, and his wife Noemi Dezer just paid $6 million for a warehouse in Fort Lauderdale.

The 52,738-square-foot building at 6500 North Powerline Road sold for about $114 per square foot.

Maritime designer and manufacturing company Nautical Furnishings’ founder John T. Connelly, Jr. sold the warehouse under entity JCN, LLC, records show. He bought the building for $2.25 million or $43 per square foot in 2005. Property records show it was built in 1973.

Dezer could not immediately be reached for comment.

His purchase strays from Dezer Development’s other notable luxury projects. Porsche Design Tower, the 132-unit, 60-story condo tower at 18555 Collins Avenue, flaunts features like a robotic car elevator, coined the “Dezervator,” that takes residents up to units in their cars and has drawn world-wide interest. Buyers include Mexican billionaire Carlos Peralta Quintero, Russian real estate investor Chingiz Askerov, and Polish investor Dariusz Robert Wojdyga. Residences range in size from 4,800 to 17,000 square feet and remaining units are priced from $4.8 million to $32.5 million.

The one-story warehouse boasts less glamorous amenities, but high demand and increasing rental rates justify a strong industrial market in Broward County, according to a first quarter report from Colliers International South Florida. Industrial vacancy rates have dropped to 4.4 percent. Currently, 751,364 square feet is under construction, and another 4 million square feet is proposed for Broward County.