Tallying industrial building sales of 15,000 square feet or larger, the market saw 40 industrial sales transactions with the per square foot price averaging $113.30. For the same period in 2016, the market posted 33 transactions with the price per square foot averaging $93.40.
Confirming the dynamic industrial market and the increase in prices, Reese Stigliano, president of Stigliano Commercial Real Estate announced the sale of a 7,777-square-foot industrial building in Pompano Beach, FL. The building sold for $857,500 or $110 per square foot. The sale closed on October 20.
The building is located at 2891 NE 22nd Terrace in the Powerline Industrial Park. Stigliano represented the Buyer, Yarden Properties, LLC, who will be occupying the building.
“The industrial market in Broward County and South Florida is very active. Occupancy is close to 97% and the availability of small free-standing buildings is extremely low”, according to Reese. “A majority of the new industrial buildings being developed in South Florida are over 100,000 square feet. With the increase in land cost and economies of scale, developers are not building small industrial buildings. The inventory is made up of older second and third generation buildings”, said Stigliano.
“As soon as a small industrial building becomes available, buyers line up and make offers. We were fortunate to make a deal on this property,” said Reese. “My clients made a fair offer with a short inspection period and a quick close. I was able to provide the comparable sales information and market data to allow the buyers to act confidently, quickly and secure this property for their ongoing business.”
The CoStar 2017 3rd Quarter Industrial Report can be found by CLICKING HERE.