Father-and-son team sells Margate industrial complex for $11M

Richard and Rory McCarty sold Mears Parkway buildings for $190 psf

2200 Mears Parkway (Marcus & Millichap)
2200 Mears Parkway (Marcus & Millichap)

In an $10.7 million deal, a father-and-son team of real estate investors cashed out of an industrial warehouse complex in Broward County.

An entity managed by Michael McCarty and Rory McCarty of Hillsboro Beach sold the nearly 5-acre property at 2200-2248 Mears Parkway in Margate, according to records.

Tyler Kuhlman and Douglas Mandel of Marcus & Millichap represented the seller.

An entity managed by Asi Cabessa of Fort Lauderdale and Edward Cohen Habaz of Sunny Isles Beach paid $190 a square foot for the 56,988-square-foot portfolio. Cabessa is a principal of Fort Lauderdale-based commercial real estate firm Cabessa Real Estate & Investments.

Completed between 1979 and 1986, the four warehouses are fully occupied with a mix of 46 tenants on short-term leases, according to a press release. Tenants include Koke Remodeling, Express Car Time and GGS Auto Repair.

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In 2002, the McCartys’ entity paid $943,200 for the Mears Parkway warehouses.

Richard McCarty, who was a Hillsboro Beach city commissioner for 26 years until he lost his last election in 2006, and his son Rory are principals of RRK Properties, a family-owned, industrial real estate firm based in Hillsboro Beach. RRK owns two other industrial properties in Margate and one each in Deerfield Beach and Sunrise, according to the firm’s website.

It’s a landlord’s market in Broward County, as South Florida’s industrial sector continues to experience growth. According to a recent Cushman & Wakefield report, Broward had 3.6 million square feet of new industrial leasing activity in 2021, a 36 percent increase compared to the previous year. Overall asking rents reached an all-time high of $10.27 per square foot in the fourth quarter, up 5.6 percent, year-over-year, the report states.

Last month, Broward saw a flurry of industrial deals. An affiliate of Bethesda, Maryland-based Boundary Companies bought a Hallandale Beach self-storage facility for $23 million. New York-based IG Logistics padded its industrial portfolio in Pompano Beach by acquiring two outdoor storage facilities for $12 million. And Salt Lake City-based Bridge Investment Group paid $15.2 million for a Deerfield Beach warehouse.