Marcus & Millichap Real Estate Investment Services, the nation´s largest real estate investment services firm, in cooperation with Butters Realty & Management, one of South Florida´s leading brokerage and management firms, has brokered the sale of a fully leased industrial building portfolio developed and owned by an affiliate of the Butters family. The purchaser was Industrial Income Trust Inc. (IIT). The four-building, 208,590-square-foot portfolio closed at $18.9 million, which equates to approximately $90 per square foot.
Malcolm Butters, president of Butters Realty & Management, in conjunction with Douglas K. Mandel, vice president of investments in Marcus & Millichap´s Fort Lauderdale office, brokered the sale.
“We are excited about starting our relationship with IIT on this Broward County acquisition as well as with working with them on their new Miami development,” says Butters. “IIT is quickly becoming one of the most active industrial REITs in the United States.”
“The industrial sector´s inherent stability, ties to growth-leading industries, and higher spreads relative to the cost of debt continue to create investor interest,” adds Mandel. “This portfolio is a well-positioned and diversified group of properties, featuring an excellent blend of single-tenant and multi-tenant assets across an array of product types, including warehouse, flex and cold-storage distribution.”
The properties in the transaction are:
Tamarac Business Center: 125,000 square feet; 6701 Nob Hill Road, Tamarac
Tamarac Commerce Center: 49,100 square feet; 6501 Nob Hill Road, Tamarac
Sunny Morning Foods: 10,000 square feet; 5330 NW 35th Ave., Fort Lauderdale
Sun Sentinel building: 24,490 square feet; 3585 NW 54th St., Fort Lauderdale
About Butters Realty & Management:
Butters Realty & Management has more than 3 million square feet of office, industrial and retail space under leasing and management. It is the real estate arm of Coconut Creek, Florida – based Butters Group, a full service real estate development, construction and management firm, which has developed and built more than 10 million square feet of commercial space in its 20 year history.
About Marcus & Millichap:
With more than 1,200 investment professionals in offices nationwide, Marcus & Millichap Real Estate Investment Services is the largest firm specializing in commercial real estate investment services in the nation. Marcus & Millichap closed 4,302 transactions in 2010, the highest of any commercial real estate brokerage firm. Founded in 1971, the firm has perfected a powerful system for marketing properties that combines product specialization, local market expertise, the industry´s most comprehensive research, state-of-the-art technology and relationships with the largest pool of qualified investors nationally.
