Tie-dye apparel execs scoop up Coral Springs warehouse

Elion Partners sells property for $12.5M

Elion Partners Sells Warehouse to Mordechai, Shlomo Hasson
Elion Partners' managing partner Jack Azout and 11705-11713 Northwest 39th Street in Coral Springs (Elion Partners, Google Maps)

Elion Partners sold a warehouse in Coral Springs, as South Florida industrial deals continue despite elevated interest rates. 

Tie-dye apparel company executives Mordechai and Shlomo Hasson, through an affiliate, bought the building at 11705-11713 Northwest 39th Street from North Miami Beach-based Elion Partners, according to records and real estate database Vizzda. The buyers borrowed $7 million from Davie-based Community Capital Holdings to help fund the purchase. 

Completed in 1982, the multi-tenant warehouse spans 80,800 square feet and was renovated in 2006, records show. 

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The purchase breaks down to $155 per square foot.

The Hassons lead Colortone and Tie-Dye USA, a South Florida-based clothing company founded in 1988. The purchase was an investment, and the Hassons don’t plan to expand into the Coral Springs warehouse, according to a source. 

Jose Sasson-Lerner of Axiom Capital Advisors represented the seller. Elad Barokas, also of Axiom, represented the buyers. Sasson-Lerner and Barokas declined to comment. 

The Hassons did not immediately return a request for comment. 

South Florida’s industrial market still is perceived as a safe bet due to continued demand, low vacancies and rising rents. In the fourth quarter of last year, Broward County’s vacancy rate hit 3.5 percent, down from 3.7 percent, year-over-year, according to a CBRE report. The average asking rent hit $15.65 per square foot, up 20 cents from the previous quarter. 

This month, Chick-Fil-A paid $50.5 million for a food distribution warehouse at 3225 Meridian Parkway in Weston. That came on the heels of Bahrain-based Investcorp buying the Powerline Business Park industrial complex with 14 one-story buildings at 4100 North Powerline Road in Deerfield Beach in January for $72.3 million