CBRE Senior Vice Presidents Tom O’Loughlin and Larry Genet represented the buyer in the purchase of a ±58,250 square foot showroom/office/warehouse located at 777 Congress Avenue in Delray Beach.
The buyer, Naples, Florida-based Collier Enterprises, “manages a broad range of businesses engaged in real estate investment and development, agriculture and private equity investments,” according to the company’s website.
New-to-market Collier Enterprises purchased the building, which is situated on 4.9 acres, from seller Seven 77 Congress PTNR LTD, for $7.8 million. The deal closed March 29.
“Our team was fortunate to exclusively represent Collier Enterprises,” commented Genet. “They are a first-class organization and I’m excited to the see the property redeveloped.”
The seller was represented by CBRE Executive Vice Presidents Robert Smith and Jeff Kelly, and CBRE First Vice President Kirk Nelson. The team had several backup contracts on the property at the time of closing.
The property is located along the Congress Avenue Redevelopment Corridor and features unobstructed visibility from Interstate 95 as well as Congress Avenue.
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.
