Veteran South Florida commercial real estate broker Reese Stigliano announces the sale of a 12,800 square foot warehouse.
The REO property, owned by City National Bank of Florida, is located at 11820 and 11830 Wiles Road, Coral Springs, FL. City National Bank foreclosed on the property in 2010.
Stigliano was retained by City National Bank to market the property for sale. The building which was built by the former owner in 2005, sold for $760,000 or $59/sq.ft. The original loan was $1.6 million.
The Coral Springs industrial real estate market has suffered a significant decrease in occupancy in the last several years with rental rates dropping almost 30% since 2008.
“Most of the tenants in the Coral Springs market are entrepreneurial in nature, whose businesses are symbiotic with the residential development and home remodeling business. The plumber, electrician, roofer and, tile guy who made up a majority of tenants in that market, have taken a huge blow with the collapse of the housing industry,” commented Stigliano.
The property was sold to Coral Estate, Inc. and closed May 4th. Stigliano, who specializes in representing banks and financial institutions, says there is a real demand for distressed property once the pricing reaches a level that is less than replacement value. According to Stigliano, “Getting the banks to accept the reality of the market place is the first step in selling the distressed property”.