First Industrial Realty Trust, Inc. Purchased The Site And May Consider A Redevelopment Of The Site In The Future
CBRE Senior Vice President Larry Genet, Senior Vice President Tom O’Loughlin, Executive Vice President Robert Smith, Executive Vice President Jeff Kelly and First Vice President Kirk Nelson negotiated a sale on behalf of HS-Pompano FL LLC, a 47,000-square-foot metal building on 8.4 acres along I-95 at 1200 NW 15th Street in Pompano Beach.
“The combination of our two teams resulted in no less than eight solid offers for lease and sale,” commented Genet. “This is the second tract of land our team has sold in the last few months with two others pending a sale - all of which will be slated for speculative warehouse developments in order to meet growing tenant demand.”
Chicago Illinoi-based First Industrial Realty Trust, Inc, a leading Industrial REIT, purchased the site any may consider a redevelopment of the site in the future. No other broker was involved in the transaction.
“We owned a two-parcel asset with an older industrial building that was leased to a national company for 15 years,” explained HS-Pompano FL LLC Principal Peter Alevizos. “With excess land and the lease coming up for renewal, we needed a multi-faceted firm to help us find the best course of action. We worked closely with Robert Smith, Larry Genet and their teams for some time trying to determine whether to lease, sell, rezone, develop or pursue a multi option strategy for this project. Throughout the process, they presented multiple leasing and sale offers to consider. In the end, we sold for what we felt was a strong price. We are now seeking a 1031 exchange and other entrepreneurial projects with this and other capital.”
In April of 2004, HS-Pompano FL LLC purchased a portfolio of properties from CBRE. Since that time, Peter Alevizos has been working to create value at the projects culminating in this sale and other newly signed leases.
About Tom O’Loughlin: CBRE Senior Vice President Tom O’Loughlin specializes in providing brokerage services to owners and occupiers of industrial property in the South Florida region. Tom’s experience incorporates representation for local, regional and national clients, and includes investment sales disposition, owner-occupant acquisitions, tenant agency, and landlord representation. With over ten years of experience in the industrial sector, Tom has provided oversight for more than 8.1 million square feet in leasing and sales transactions in Broward and Miami-Dade counties. Tom holds the prestigious SIOR and CCIM designations and is an active member of CBRE’s Industrial Advisory Council—a select national group of professionals gathering and evaluating business intelligence to develop comprehensive business strategies for the company.
About Larry Genet: CBRE Senior Vice President Larry W. Genet has extensive experience in landlord agency, tenant representation, acquisitions, dispositions and property management. As a third-generation commercial real estate professional and South Florida native, Larry boasts deep community ties, an intimate knowledge of the South Florida market and numerous professional contacts. Larry’s leasing expertise of industrial, office and medical properties coupled with his experience in acquisitions and dispositions gives him the ability to represent a myriad of clients in the South Florida market.
For more information, please call 954-331-1740 or visit http://www.dockhighwarehouse.com.
About CBRE Group, Inc.:
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartering in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at http://www.cbre.com.
