Reese Stigliano, Senior Vice President of Brenner Real Estate Group announces the sale of a 10,789 square foot Industrial Warehouse condo.
Mr. Stigliano, along with Ken Silberling, represented the seller, Steven Jay, LLC. The company is owned by Steven Gurowitz also known as Interiors by Steven G. The sale closed on January 24th for $835,000 or $77 per square foot.
“This is one of the fastest closing I’ve ever been involved with,” stated Stigliano. “We listed the property on a Wednesday and had it under contract by the following Friday.”
The buyer was LaRue Furniture, Inc. which also owns the furniture chain, Leather Express.
The property is located at 1580 NW 27th Avenue in Pompano Beach. It was part of the Turnpike Industrial Park warehouse condominium project developed in 2005.
Stigliano added, “If you look at the historical sale of this property, an interested trend emerges that parallels the commercial real estate market in general. In 2005 the property sold for $1,080,000 roughly $100 per sq.ft. The current sellers purchased the property in August of 2012 for $600,000 ($55/PSF). The latest sale is $77 PSF, which represents a 40% increase from the bottom of the market. An interesting point is this price is still less than the replacement value of the property.”
The other important trend that can be gathered from this sale is the factor for Larue’s purchase. “Sales in the furniture stores are significantly better than they have been in the last several years. Increase sales in home furnishings is a leading indicator of an improving economy,” said Stigliano.
