Genet Property Group sells Sunrise industrial building for $5M

Buyer is tied to Brooklyn investor David Kahn

Miami /
Oct.October 12, 2021 10:30 AM
Genet Property Group President Ben Genet and the building (Genet, LinkedIn via Genet)

Genet Property Group President Ben Genet and the building (Genet, LinkedIn via Genet)

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.






    Related Articles

    arrow_forward_ios
    Pinnacle Housing to build affordable rentals in Hollywood
    Pinnacle Housing to build affordable rentals in Hollywood
    Pinnacle Housing to build affordable rentals in Hollywood
    Moishe Mana buys more land in Miami’s Allapattah
    Moishe Mana buys more land in Miami’s Allapattah
    Moishe Mana buys more land in Miami’s Allapattah
    (City of Pompano Beach)
    From Macy’s to multifamily: Apartments planned for former department store site at Pompano Beach shopping center
    From Macy’s to multifamily: Apartments planned for former department store site at Pompano Beach shopping center
    Crow Holdings pays $33M for Coral Springs’ Turtle Crossing
    Crow Holdings pays $33M for Coral Springs’ Turtle Crossing
    Crow Holdings pays $33M for Coral Springs’ Turtle Crossing
    Pompano Beach mixed-use project scores $45M construction loan
    Pompano Beach mixed-use project scores $45M construction loan
    Pompano Beach mixed-use project scores $45M construction loan
    Joint venture pays $64M for Davie RV park primed for industrial project
    Joint venture pays $64M for Davie RV park primed for industrial project
    Joint venture pays $64M for Davie RV park primed for industrial project
    South Florida’s industrial market continues pandemic momentum in Q3
    South Florida’s industrial market continues pandemic momentum in Q3
    South Florida’s industrial market continues pandemic momentum in Q3
    Wickshire Senior Living buys Fort Lauderdale ALF for $17M
    Wickshire Senior Living buys Fort Lauderdale ALF for $17M
    Wickshire Senior Living buys Fort Lauderdale ALF for $17M
    arrow_forward_ios

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

    Loading...