Cushman & Wakefield Negotiates Two South Florida Sales

November 6, 2019

Cushman & Wakefield Negotiates Two South Florida Sales

The South Florida Commercial Team Assisted an Affiliate of Mindful Capital Group in the Acquisition of 4202 Peters Road and an Affiliate of Naya USA Investment & Management LLC in the Disposition of 555 North Congress Avenue

 

BOCA RATON, FL, November 6, 2019 — Cushman & Wakefield’s South Florida Commercial Team has negotiated the sale of two commercial properties in South Florida for more than $10 million.

Greg Miller and Scott O’Donnell represented an affiliate of Mindful Capital Group in its acquisition of 4202 Peters Rd., a ±58,000-square-foot small bay industrial and storage facility in Plantation for $6.6 million ($114 per square foot). The seller was Coral Springs, FL-based TMT Properties, Inc.

4202 Peters Rd. is a six-building small bay industrial and storage facility developed in 1973 on a ±3.4-acre site. The property houses bays ranging in size from 330 to 1,000 square feet. 4202 Peters Rd. was 95 percent leased at the time of sale. Notable tenants include Sky High Accessories, STP Motor Parts and Sam Jolley’s Plumbing.

The asset is ideally situated in Broward County near Fort Lauderdale-Hollywood International Airport at the nexus of Florida’s Turnpike, Interstate 95 and Interstate 595.

“4202 Peters Rd. is strategically located with strong surrounding demographics and limited competitive supply,” said Miller. “As a result, the property has always maintained a high level of occupancy.”

Miller, Dominic Montazemi, O’Donnell, Miguel Alcivar and Michael Ciadella also represented an affiliate of Hollywood, FL-based Naya USA Investment & Management LLC in the sale of 555 North Congress Ave., an ±18,192-square-foot office building in Boynton Beach for $3.7 million ($203 per square foot). The buyer was Montreal-based Viglione Properties.

Developed in 1987 on a ±2.2-acre site, 555 North Congress Ave. is a three-story glass office building with 125 parking spaces and frontage along Congress Ave. The asset is located directly east of Boynton Beach Mall and proximate to the numerous dining and retail outlets nearby. The building was fully occupied at the time of sale and anchored by Chase Bank.

“With its curb appeal, excess parking and frontage along heavily-trafficked North Congress Ave., 555 North Congress has enjoyed strong historical occupancy and robust tenant demand,” said Miller.

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