Elion Partners buys Coral Springs warehouse for $7M
The property sold for $89 psf
Elion Partners bought a warehouse in Coral Springs for $7.2 million, as South Florida’s industrial market shows no signs of slowing amid the pandemic.
Miami-based Elion Partners purchased the 80,718-square-foot warehouse at 3900 Coral Ridge Drive for $89 per square foot, records show. 3900 Coral Ridge Drive Assoc LLC, tied to Steve Leffler of Rockville, New York, sold the property.
The building was constructed in 1982 on 6 acres and consists of four separate units within a large warehouse. The warehouse is 100 percent air conditioned.
3900 Coral Ridge Drive Assoc LLC had purchased units one and four at the property in 2006 for $3 million. The company bought units two and three for $2.1 million in 2014, records show.
Jose Sasson and Roberto Susi with Axiom Capital Advisors represented Elion Partners, while Tom Robertson and Michael Rauch with Boca Raton-based Rauch Robertson Commercial Realty Advisors represented the seller.
Elion Partners is a real estate investment firm focused on logistics. It manages more than $1.5 billion in real estate assets, according to a press release.
In January, Elion Partners bought three warehouses in Boynton Beach for $25.8 million.
South Florida’s industrial market has been among the few bright spots in real estate during the coronavirus pandemic. Due to rising demand for e-commerce and last-mile distribution, large institutional investors like Blackstone and Prologis are increasingly buying warehouses in South Florida.