Coconut Creek, FL-based Tamarac Industrial Venture, LLC, a joint venture of Butters Construction & Development and an institutional capital partner, acquired a 22.35-acre industrial development site in central Broward County.
Cushman & Wakefield‘s South Florida Industrial Brokerage Team of Chris Metzger, Richard F. Etner Jr., Christopher Thomson and Matthew G. McAllister represented Tamarac-based Advanced Business Associates, LLP in the disposition.
Tamarac Industrial Venture, LLC intends to develop two industrial warehouse and distribution facilities on the land. Structural details and a development timeline have yet to be announced. Metzger, Etner Jr., Thomson and McAllister will serve as the exclusive leasing agents for the buildings.
The site is located just north of the Commercial Boulevard and Sawgrass Expressway interchange, providing excellent visibility from the Sawgrass Parkway and exceptional access to South Florida’s Tri-County area of Broward, Miami-Dade and Palm Beach Counties.
“This acquisition represents a rare opportunity to develop a large-scale industrial park in the South Florida market, which is extraordinarily land-constrained with high barriers to entry,” said Metzger. “With the Everglades to the west and the ocean to the east, there are very few large development sites left in Broward County. The western corridor along the Sawgrass Expressway and I-75 is the last frontier.”
“We have witnessed strong absorption driving rents dramatically higher over the past 24 months,” added Etner. “Our research indicates the overall vacancy rate in Broward County is at an almost all-time low of 3.1%. Continued population and job growth is driving demand for centrally located distribution space.”
Larry W. Genet is a Senior Vice President in the CBRE, Inc. Miami, FL office. As part of the CBRE platform Mr. Genet can provide a wide range of services from local to Fortune 1000 clients including agency and tenant representation, asset or portfolio management, high level logistics, labor and data analytics prior to site selection, project/construction management, capital markets, owner user sales and valuation advisory services. CBRE is the global leader for real estate services worldwide.
Larry has extensive experience in landlord agency, tenant representation, acquisitions, dispositions and property management. As a third-generation commercial real estate professional and South Florida native, Larry boasts deep community ties, an intimate knowledge of the South Florida market and numerous professional contacts. Larry’s leasing expertise of industrial, office, land, retail and medical properties coupled with his experience in acquisitions and dispositions gives him the ability to represent a myriad of clients in the South Florida market. Additionally, Larry controls a portfolio of 13.5 million square feet allowing him to see every deal in the market. This ensures his clients never miss an opportunity. His knowledge of tenants and buyers in the market is top notch and when coupled with his team's vast portfolio, it's a winning combination.
