CBRE Senior Vice President Larry Genet, Senior Vice President Tom O’Loughlin, Executive Vice President Robert Smith, Executive Vice President Jeff Kelly and First Vice President Kirk Nelson negotiated a sale on behalf of HS-Pompano FL LLC, a 47,000-square-foot metal building on 8.4 acres along I-95 at 1200 NW 15th Street in Pompano Beach.
“The combination of our two teams resulted in no less than eight solid offers for lease and sale,” commented Genet. “This is the second tract of land our team has sold in the last few months with two others pending a sale – all of which will be slated for speculative warehouse developments in order to meet growing tenant demand.”
Chicago Illinoi-based First Industrial Realty Trust, Inc, a leading Industrial REIT, purchased the site any may consider a redevelopment of the site in the future. No other broker was involved in the transaction.
“We owned a two-parcel asset with an older industrial building that was leased to a national company for 15 years,” explained HS-Pompano FL LLC Principal Peter Alevizos. “With excess land and the lease coming up for renewal, we needed a multi-faceted firm to help us find the best course of action. We worked closely with Robert Smith, Larry Genet and their teams for some time trying to determine whether to lease, sell, rezone, develop or pursue a multi option strategy for this project. Throughout the process, they presented multiple leasing and sale offers to consider. In the end, we sold for what we felt was a strong price. We are now seeking a 1031 exchange and other entrepreneurial projects with this and other capital.”
In April of 2004, HS-Pompano FL LLC purchased a portfolio of properties from CBRE. Since that time, Peter Alevizos has been working to create value at the projects culminating in this sale and other newly signed leases.
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.
