Liberty Property Trust sells Fort Lauderdale industrial buildings

In October, Prologis agreed to acquire Liberty Property Trust, and said it would be disposing of assets

Miami /
Jan.January 16, 2020 03:30 PM
The property and Jonathan Salk (Credit: Google Maps)

The property and Jonathan Salk (Credit: Google Maps)

Liberty Property Trust sold an industrial property in Fort Lauderdale for $6.3 million, amid continuing demand in South Florida for warehouse space.

Liberty, soon to be acquired by Prologis, sold the two-building industrial/office complex, Fort Lauderdale Commerce Center, at 5410-5430 Northwest 33rd Avenue. GDF Properties, a Puerto Rico-based investment firm, bought the property, said Roberto Susi, principal of Axiom Capital Advisors.

Jonathan Salk of Axiom Capital Advisors represented the seller in the off-market deal. Reshma Parvani of Parvani Commercial Group represented the buyer.

The buildings total 63,266 square feet on 5.24 acres, records show.

Liberty paid $4.75 million for the property in 1997. The buildings were built in 1984, according to records. Currently, only two tenants occupy the property, a forensic engineering firm and a digital printing company. A tenant that had occupied 42,000 square feet recently left, Susi said.

“The buyer thought it was a good time to purchase this property due to the increasing rental rates in this market and the ability to reposition this big vacancy,” he said.

In October, Prologis agreed to acquire Liberty Property Trust in an all-stock deal valued at $12.6 billion, including the assumption of debt. The deal is expected to close in the first quarter. At the same time, Prologis said it plans to dispose of $3.5 billion of assets, including $2.8 billion of logistics properties and $700 million of office properties.

The South Florida industrial market has seen growing demand, due in part to the growth of e-commerce.

Warehouse asking rents in Broward County have continued to rise even as an influx of new industrial product is coming to the market. In the third quarter of last year, average industrial asking rents rose to $8.89 per square foot from $8.16 per square foot in the same period of 2018, according to Colliers International South Florida.


Related Articles

arrow_forward_ios
The Pines Plaza Shop at 4505-4599 North Pine Island Road, Fort Lauderdale (MMG Equity Partners)
CK principals make $11M bet on half-vacant Fort Lauderdale shopping center
CK principals make $11M bet on half-vacant Fort Lauderdale shopping center
Daniel Kordash in front of 444 Royal Plaza Dr in Fort Lauderdale (Getty Images, Realtor.com)
New York investment honcho flips waterfront Fort Lauderdale home for $8M
New York investment honcho flips waterfront Fort Lauderdale home for $8M
From left: Charles Kushner, Wes Powell, Nicole Kushner Meyer and Laurent Morali with a rendering of the planned development (Kushner, Stantec, ODA Architecture, iStock)
Multifamily giants Kushner and Aimco acquire site of Fort Lauderdale mega project
Multifamily giants Kushner and Aimco acquire site of Fort Lauderdale mega project
Mayor Dean Trantalis with Flagler Greenway to NE 9th Street (Wikimedia, Path Foundation)
Fort Lauderdale approves master plan for its $90M-plus version of Miami’s Underline
Fort Lauderdale approves master plan for its $90M-plus version of Miami’s Underline
Sadhana and Sanjaykumar Patel of Luckey’s Management with a rendering of the 172-room hotel development in Fort Lauderdale (Luckey's Management/George White Architect)
Lucky Day? Luckey’s Management wins approval for 172-room, dual-branded hotel in Fort Lauderdale
Lucky Day? Luckey’s Management wins approval for 172-room, dual-branded hotel in Fort Lauderdale
Author Patrick Bet-David drops $9M on Broward office buildings
Author Patrick Bet-David drops $9M on Broward office buildings
Author Patrick Bet-David drops $9M on Broward office buildings
Fort Lauderdale approves downsized riverfront condo project downtown
Fort Lauderdale approves downsized riverfront condo project downtown
Fort Lauderdale approves downsized riverfront condo project downtown
Billionaire car auction magnate buys waterfront Fort Lauderdale teardown for $16M
Billionaire car auction magnate buys waterfront Fort Lauderdale teardown for $16M
Billionaire car auction magnate buys waterfront Fort Lauderdale teardown for $16M
arrow_forward_ios

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

Loading...