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A group of developers obtained a $40.78 million construction loan to start work on a large industrial project in Lake Park.

Wells Fargo Bank provided the mortgage to ASVRF Silver Beach Road LLC, a partnership between Los Angeles-based American Realty Advisors, Atlanta-based Ridgeline Property Group, and Fort Lauderdale-based Mitchell Property Realty. It covers the 24.2-acre property located at 1600 Silver Beach Road, just east of Congress Avenue.

Called Silver Beach Industrial Park, the project will total 380,000 square feet in four buildings with 32-foot clear ceiling height.

CBRE’s Robert Smith, the leasing broker for the project, said it will break ground in December.

 

Source: SFBJ

DACO Worldwide Marketing Corp. (DACO), a privately-held wholesale corporation and leader in supply chain logistics/distribution for construction materials to Central/South America and the Caribbean, has signed a 32,425-square-foot, 7-year lease at Davie Business Center-Building A, located at 3300 Davie Road in Davie, Florida.

Michael Rauch

Michael Rauch

Michael Rauch, Senior Managing Partner with CRE Florida Partners, negotiated the lease on behalf of DACO.

DACO will occupy the entire newly-completed distribution warehouse facility, which is owned and operated by Atlanta-based IDI.

The critical elements of the deal included a new ±4,500 SF office build-out as well as other amenities required in the loading dock area of the premises.

“Industrial distribution facilities in South Florida are becoming harder to source and matching our client’s needs to available product is no less difficult due to a shrinking inventory of industrial product in South Florida,” Mr. Rauch commented. “We are grateful to be able to successfully negotiate this critical lease to support DACO’s future growth.”

CBRE’s Larry Dinner represented the Landlord in the transaction.