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Elion buys two Fort Lauderdale industrial buildings for $15M
Property is leased to turbine engines company CTS Engines
UPDATED, April 8, 3:06 p.m.: Elion Partners bought a pair of warehouses near the Fort Lauderdale-Hollywood International Airport for $14.9 million.
North Miami Beach-based Elion Partners bought the properties at 3000 and 3060 Southwest Second Avenue in Fort Lauderdale from Apogee Investment Partners LLC, led by Brian Neff, according to records.
The buildings are leased to CTS Engines, a turbine engine maintenance, repair and and overhaul company, according to a Colliers news release. Neff, who is founder and CEO of advanced propulsion systems designer and manufacturer Sintavia, is the former CEO of CTS Engines.
Mark Rubin and Bastian Laggerbauer of Colliers represented the seller. Steven Wasserman and Erin Byers, also of Colliers, represented the buyer.
The warehouses, totaling 71,682 square feet, were constructed in the 1970s on 2.6 acres, property records show. Apogee Investment bought them in two deals in 2011 and 2016 for a combined $4 million, although one of the deals included other real estate.
The 3000 Southwest Second Avenue building is an 11,682-square-foot staging facility, and the 3060 Southwest Second Avenue building is a 60,000-square-foot repair facility renovated in 2019, the release says.
Elion Partners has long been a South Florida investor across various types of real estate. In April 2021, it sold the Pennock Square shopping center at 901 West Indiantown Road in Jupiter for $18.5 million.
Elion also paid $31.5 million for the Griffin Pointe Business Park at 2281 Griffin Road in Dania Beach in December 2020.
Elion, which also has offices in New York, Los Angeles and Seattle, is both a real estate investor and investment adviser, with $1.6 billion in real estate under management, according to its website. It is led by managing partners Jack Azout, Sylvain Argy, Juan DeAngulo and Shlomo Khoudari.
The South Florida industrial market is one of the region’s strongest. A dwindling supply of developable land, coupled with high demand from e-commerce growth, have created perfect conditions for higher rents and occupancies.
In Broward County, the industrial vacancy rate decreased to 4.2 percent in the first quarter, the lowest since 2019, according to Colliers data. The average warehouse rent hit $10.80 per square foot, up from $9.45 per square foot in the first quarter of 2021.
In another Broward industrial deal this month, The Easton Group paid $14.3 million for a truck yard site at 3811 Pembroke Road in Hollywood.