Oakland Park, FL – December 3, 2014 – (RealEstateRama) — CBRE arranged the sale of Oakland Park Industrial Center, an industrial portfolio consisting of seven multi-bay warehouses totaling 145,260 square feet, located in Oakland Park, FL. OPIC, LLC, acquired the portfolio from GMACK, LLC, for $7,777,040. CBRE represented the seller in the transaction.
CBRE also arranged on behalf of the buyer a non-recourse, CMBS loan in the amount of $6,100,000 (78.6% of the purchase price) with a 10-year term at a low interest rate.
“Oakland Park Industrial Center is one of the few multi-bay warehouses in the entire Oakland Park micro-market boasting both grade-level and dock-high loading as well as sprinklers,” said CBRE’s First Vice President, Dominic Montazemi. “Offered at significantly below replacement value and requiring very little capital infusion, the property represented a strategic value-add opportunity for an investor, who can capitalize on rising rents in a market where vacancy is less than 4.5%.”
Regarding financing, CBRE’s Vice President, Jason Hochman, added, “We worked to secure a lender who provided both the best terms and the greatest certainty of closing. Our client worked diligently with us and the lender during a quick due diligence period to close on time.”
Oakland Park Industrial Center comprises seven small bay warehouse buildings on seven separate tax parcels in Oakland Park, Florida: 3620-3780 NE 3rd Avenue, 3600-3790 NE 4th Avenue; and 3601-3709 NE 5th Avenue. The thru-put, double-sided design the buildings contain grade-level and dock-high loadings entries on opposite sides of the bays, as well as fire sprinklers. The industrial park is 95.5% occupied with a diverse mix of true industrial tenants, including silk-screening, auto parts, specialized paint and adhesives, shipping, woodworking and air conditioning companies. Smaller spaces cater to the smaller, entrepreneurial business that comprise the submarket.
CBRE’s sales team included Dominic Montazemi, Scott O’Donnell, Jason Hochman and Miguel Alcivar.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
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