As South Florida’s robust industrial market continues to catch the interest of investors, an aviation services company paid $17.5 million for a Fort Lauderdale warehouse.
Valley Stream, New York-based Triangle Services, through an affiliate, bought the 93,193-square-foot, fully leased building at 1600 Northeast 12th Terrace from an entity tied to
Gregg Wallick’s Best Roofing, according to records and a broker’s release. The property is north of Fort Lauderdale’s growing Studio City area along 13th Street.
Jaime Sturgis of Native Realty brokered the off-market deal.
Best Roofing’s affiliate had paid $4.9 million in 2015 for the building, property records show. It was constructed in 1974 on 3.2 acres.
Best Roofing and the city of Fort Lauderdale are the tenants.
Triangle Services, founded in 1960, also offers facilities services such as mechanical, custodial and security; customer communications such as digital printing and fulfillment; and outdoor maintenance, according to its website. The family owned company is led by CEO Lonnie Fine and President Perry Fine.
High demand for industrial real estate has pushed down vacancies and boosted rents. Across South Florida, vacancies fell to 2.7 percent in the second quarter from 4 percent during the same period last year, according to a Lee & Associates report. Rents hit $12.60 per square foot, a year-over-year increase from $10.70 a square foot.
Fort Lauderdale has captured some of the investment sales activity. North Miami Beach-based Elion Partners bought the pair of warehouses at 3000 and 3060 Southwest Second Avenue for $14.9 million in April.
Shortly afterwards, Denver-based EverWest Real Estate Investors bought the fully leased building at 635 Northwest Fourth Avenue in Fort Lauderdale for $14.1 million.
In South Florida, industrial supply can’t keep up with demand, largely because of the lack of developable land. So, developers are getting innovative when looking for sites. In June, prolific industrial builder Bridge Industrial paid $20 million for Park ‘N Fly’s former airport parking site at 2200 Northeast Seventh Avenue in Dania Beach, between the Fort Lauderdale-Hollywood International Airport and Port Everglades. Bridge plans a 170,892-square-foot logistics facility on the 22.4-acre property.