Michael Rauch and Tom Robertson, Senior Managing Partners with CRE Florida Partners, Rauch Robertson & Co., represented the owner, The General Electric Company (GE), in the sale of a laboratory/ manufacturing building located at 3041 Gateway Drive in Pompano Beach, Florida.
The property sold for $775,000 on a 6.9% capitalization rate.
The 10,068-square-foot laboratory/manufacturing building has been owned and operated by GE since 2000, when it developed the proprietary processes for manufacturing of synthetic diamonds.
The tenant, Sandvik Inc., which purchased the proprietary process from GE through a series of acquisitions, is a world leader in the development and production of synthetic diamond and cubic boron nitride products for industrial applications such as cutting, machining, oil and gas drilling, grinding, rock drilling and wire drawing. Sandvik is a publically-traded International company with over 47,000 employees worldwide.
“This is the fourth asset in South Florida that we have exclusively represented for GE,” commented Robertson. “Industrial investment inventory is low in South Florida and CRE Florida Partners is currently working with several buyers looking for similar properties in Broward and Palm Beach counties.”
“Identifying quality industrial/distribution investment properties in South Florida continues to be a challenge and we are continuously sourcing these properties for our clients,” added Rauch.