POMPANO BEACH, FL - Brenner Real Estate Group has reported a recent commercial sale in Pompano Beach.
Reese Stigliano, SIOR, Senior Vice President and Ken Silberling, Vice President of Business Development/Commercial Brokerage of Brenner Real Estate Group have announced the sale of a 10,789 square foot industrial warehouse condo located at 1580 NW 27th Avenue in Pompano Beach, FL. Stigliano and Silberling represented the seller, Steven Jay, LLC. The selling company is owned by Steven Gurowitz, also owner of Interiors by Steven G, a high-end interior design firm with galleries in South Florida and New York.
The buyer was LaRue Furniture, Inc. which also owns the furniture chain, Leather Express. Co-Broker representing the buyer was Jon Kroll of Kroll Realty. The sale closed on January 24th for $835,000, or $77/SF.
“This is one of the fastest closings I’ve ever been involved with,” noted Stigliano. “We listed the property on a Wednesday and had it under contract by the following Friday.” The property is part of the Turnpike Industrial Park warehouse condominium project developed in 2005. “We are encouraged by the strong demand in the industrial sector” said Silberling.
Lyndsey Gurowitz, Chief Financial Officer of Interiors by Steven G, Inc. noted, “It was an absolute pleasure working with Ken Silberling and Reese Stigliano - our property was listed and sold within 90 days. Working with Ken and Reese was effortless and hassle free; they are a true professional team.”
Stigliano said, “If you look at the historical sale of this property, an interesting trend emerges that parallels the commercial real estate market in general. In 2005, the property sold for $1,080,000, or roughly $100 per sq. ft. The current sellers purchased the property in August of 2012 for $600,000 ($55/SF.). The latest sale is $77/SF which is a 40% increase from the bottom of the market. An interesting point is that this price is still less than the replacement value of the property.”
The Brenner brokerage team noted another important trend that can be gathered from this sale as a factor of LaRue’s purchase. “Sales in the furniture stores are significantly better than they have been in the last several years,” said Stigliano. “Increased sales in home furnishings are a leading indicator of an improving economy.”
Brenner Real Estate Group is a full-service commercial real estate firm providing asset solutions, brokerage, investment sales, property management, asset management, and receivership services for office, industrial/commercial, retail and multi-family properties. The firm has been serving Florida since 1987.
For more information, visit Brenner Real Estate Group on the web at www.breg.net, on Facebook at “Brenner Real Estate Group” or on Twitter at “BrennerREgroup”. Contact the firm at 1500 West Cypress Creek Road, Suite 409, Fort Lauderdale, FL 33309, 954.596.5555 or toll free at 1-888-2734 (BREG).