Mindful Management makes conscious Plantation purchase

UPDATED, Sept. 18, 4:15 p.m.: A Delray Beach-based industrial owner likely put a lot of thought into this deal.

A company tied to Jeffrey Pechter’s Mindful Management bought a 83,763-square-foot industrial property at 6600 Northwest 14th Street in Plantation for $8.8 million, records show. The deal equates to $104 per square foot.

A company tied to Ed and Susan Ulyate of Coconut Creek sold the property.

The property sits on 6.54 acres off West Sunrise Boulevard and close to Plantation High School. It was last sold for $2.6 million in 1993 and was constructed in 1990, records show.

One tenant is Craft on 14, a craft beer garden and restaurant that boasts that it has over 100 craft beers and a “collection of harder to find brews not often seen in the usual establishments,” according to its website.

Mindful Management is affiliated with Mindful Group, which was formed in 2003 as a spin-off from Tristar Management. The company, led by principals Pechter and Patrick Carney, largely focuses on multi-tenant industrial and owns and manages 15 industrial facilities and 600,000 square feet of property, according to Carney.

While demand for some real estate asset classes has slowed, interest in industrial properties in South Florida still remains strong. In Broward County, rental rates for industrial properties rose to $8.76 per square foot in the second quarter from $8.21 per square foot a year earlier, according to a recent report by Colliers International South Florida.

Correction: A previous version of this article had outdated information on the company from its website.