Michael Rauch and Tom Robertson, Senior Managing Partners with CRE Florida Partners, represented the owners, T.G. Wright Jr. Properties LLC, in the sale of an industrial investment property located at 2150-2160 N. Andrews Ave. in Pompano Beach, Florida.
The ±16,438 square foot facility, which is situated on ±1.25 acres fronting Andrews Ave with easy access to Copans Rd.and I-95, sold for $1,515,000, or $92.16 per square foot on a 6.8% cap rate.
Built in 1984, the building features 24’ warehouse clear height, storefront hurricane grade windows, 1 dock loading door and 2 grade level loading doors.
CRE Florida Partners has represented the owners of this property since 2014.
“General industrial inventory is low in South Florida and this sale represented an opportunity for the buyer to enjoy a strong 6.8% cap rate and very competitive $92.16 price per square foot,” commented Rauch.