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Stiles Realty Team Closes More Than $6.2M in Industrial Sale Trifecta
Fort Lauderdale-based Stiles Realty announced today that vice presidents Patrick Conness and Mike Crissy recently completed a sales trifecta that encompassed two industrial building sales and a land sale for a total of more than $6,200,000.
In the first and largest transaction, Conness and Crissy represented Silest, LLC in the sale of a 46,562-square-foot multi-tenant warehouse located at 400 NE 27th St in Pompano Beach for approximately $2,900,000. Patricia Varley of Keller Williams represented the buyer, Pompano Real Estate, LLC. According to Conness, the sale was challenging due to the property’s occupancy level and required an aggressive strategy to quickly meet the needs of the seller.
“While the property was an attractive option for buyers given its location, quality and rare automotive use, we were challenged to improve its occupancy in order to position it for sale,” said Conness. “Our strategy was to simultaneously take on the leasing while marketing the property for sale, and within three weeks we were able to increase occupancy from 60% to 90%, place it under contract and close. It was a team effort by everyone involved.”
In a second industrial property transaction, Conness and Crissy represented Stitec in their sale of a multi-tenant industrial property located at 380 SW 12th Ave in Pompano Beach for $1,155,000. The property, which encompasses approximate 15,300 square feet, was purchased by Coastal Cabinets & Millwork, LLC. Coastal was one of the property’s lead tenants who had occupied space in the building for more than ten years. There were no other brokers represented in the transaction.
In the final transaction, the Stiles team represented the Shaw family in their sale of an 8.6-acre industrial land parcel located at 1200 Skees Road in West Palm Beach for $2,450,000. The property was purchased by Skees Industrial Park, LLC, who was represented by Ron Kent of Coldwell Banker Commercial.
According to Crissy, industrial market fundamentals have shown increased strength over the last year driven by many sectors, especially the construction industry.
“We are finding a greater need for storage yards and industrial warehousing that can accommodate larger pieces of equipment,” said Crissy. “Areas of highest demand are within close proximity to major highways. Such as in the case of the land sale, that location is right off of the Florida Turnpike and accommodated trucking equipment, which was a major factor in the sale.”
Stiles is a full-service commercial real estate firm with a clear mission: Invest. Build. Manage. Stiles services include development, construction, tenant improvement, realty, property management, architecture, acquisitions and financing. Headquartered in Fort Lauderdale, Stiles maintains regional offices in Miami, Fort Myers, Tampa and Orlando, Florida, and has a development office in Charlotte, North Carolina. Stiles is responsible for more than 43 million square feet of office, industrial, retail and mixed-use residential projects throughout the southeastern United States. For more information, please visit http://www.stiles.com or call 954-627-9300.