CBRE Senior Vice Presidents Larry Genet and Tom O’Loughlin negotiated the lease of a 27,945-square-foot space at Hollywood Design & Distribution Center, located at 2850 Greene Street in Hollywood, Florida. Senior Associate Jake Zebede was also involved in the transaction.
New York-based development firm Avid Asset Management Principal Steven Samuels purchased the value add vacant 60,000-square-foot industrial building with plans to renovate and re-tenant the property. Samuels successfully executed his business plan for the asset by taking a hands-on approach implementing the same strategies used in his New York City portfolio. United Hardware Supply is the new tenant in the building.
Located in southeast Broward County, Hollywood Design & Distribution Center features a high-end corporate office build out, 6 dock-high overhead doors, 1 ramp, 24’ clear heights, is 100% air conditioned and is fully-sprinklered. The property also has excellent curb appeal and street presence on both North 29 Avenue and I-95.
“The CBRE team delivered on our investment strategy, which was to bring this formerly vacant building to 100% leased,” commented Samuels. “We are delighted to have a Class A cash-flowing asset in an incredible location. We look forward to growing our South Florida portfolio, and we encourage other brokers to reach out if we can help.”
“We signed our second corporate headquarters style lease in this building in the middle of the COVID-19 Pandemic,” commented Genet. “Getting this lease done was no small feat. We are fortunate to be achieving these results for our clients.”
The team, which NAIOP South Florida recently recognized as Industrial Broker Team of the Year at its annual Awards of Excellence event, represented the landlord. Gary Tankoos of American Network Commercial represented the tenant.
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.
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 13 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 Jake Zebede: CBRE Senior Associate Jake Zebede specializes in commercial real estate sales and investments. He serves investors and businesses in the South Florida Region. Jake earned his undergraduate degree in business from NYU Stern and a post-graduate degree in Real Estate and Investments from UCLA. Jake grew up living and breathing South Florida real estate, and he has extensive knowledge of both local and national markets. He is fluent in English and Spanish.
