HOLLYWOOD, FL– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment brokerage firm, has announced the sale of a Hollywood warehouse portfolio, according to Gene A. Berman, (top right photo) Managing Director of the firm’s Fort Lauderdale office.
The portfolio, consisting of seven Hollywood small-bay warehouse properties and one Miramar warehouse/retail center, commanded a sales price of $6,431,000.
Investment specialist Ryan Nee of the Fort Lauderdale office represented the seller, W&W Properties, LLC. Associate Greg Zeifman of the Miami office secured the buyer of the property, Hollywood Warehouse Capital Partners, LLC.
“The unit mi
x consists of 85 small-bay warehouses and six retail bays. These assets are currently renting at rates well below market and provide an investor the opportunity to realize substantial returns simply by filling the vacancies and raising the current rents to market,” says Nee. “The buyers, who had an existing presence in the immediate market, saw value in the fact that the investment was split into seven different folios, thus providing flexibility for different exit strategies. As the individual properties are stabilized to market rental rates, the buyers plan to sell off the folios to user/owners or small investors,” says Zeifman.
MEDIA CONTACT:
Ashley Steele
Marketing Coordinator
Marcus & Millichap
5900 N. Andrews Avenue, Suite 100
Fort Lauderdale, FL 33309
Direct Tel: (954) 245-3516
Cell: (215) 828-9585
Fax: (954) 245-3410
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