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Genet Property Group sells Sunrise industrial building for $5M
Buyer is tied to Brooklyn investor David Kahn
Genet Property Group sold a Sunrise warehouse for $5.4 million, reflecting continued South Florida industrial investment sales activity amid a prospering market.
Records show Tamarac-based Genet Property, led by Ben Genet, sold the building at 4747 Nob Hill Road to an entity led by Brooklyn-based David Kahn, who invests on behalf of his family, which has significant holdings in South Florida.
The buyer took out a $2.7 million mortgage from Jackson, Mississippi-based Southern Bureau Life Insurance Company.
The 34,240-square-foot building is on 2.34 acres and was constructed in the mid-1980s, property records show. Genet Property’s affiliate purchased it for $650,000 in 1994.
Genet Property is a real estate buyer, seller, lessor and manager, according to its website. It manages more than 1.8 million square feet of residential, office, warehouse, and retail space. Genet, who started out as an attorney, closed his law practice years ago to focus on property investment.
The Kahn family has been scooping up South Florida industrial real estate for years. In 2019, an entity managed by Kahn picked up a two-building industrial complex in Delray Beach for $9 million.
Industrial real estate is booming, as it was the only asset class to prosper during the pandemic.
In Broward County, industrial vacancies dropped to 5.9 percent in the third quarter, from 7.1 percent in the previous quarter. And average asking rents saw a slight uptick to $9.68 a square foot, according to a Colliers report.
Sunrise has seen several industrial deals recently. This month, Longpoint Realty Partners purchased three warehouses in Sunrise for $16.6 million.