CJ Partners Hollywood has picked up a Class A foot high-tech warehouse and manufacturing facility located at 2900 SW 42nd Street in Port 95 Commerce Park. The 81,922 square foot facility located in Fort Lauderdale changed hands for $13.7 million of $167 per sqf. Developed in 1998 and extensively renovated between 2011 and 2016. The building features nearly 32,000 sqf of office space, 24-foot clear heights, six dock-high-doors and two drive-in doors. The building is 100 percent leased to Finnish corporation Wärtsilä, which manufactures and services power sources and other equipment in the marine and energy markets. Cushman & Wakefield Capital Markets Team represented the seller, The Hanseatic Land Trust and procured a $8.3 million long term, non-recourse loan for the buyer from Principal Real Estate Investors.
“Offerings that combine the opportunity to acquire a Class A industrial building in one of the nation’s preeminent locations with predictable and increasing cash flows secured by a tenant of the highest caliber are exceedingly rare,” said Managing Director Dominic Montazemi, Cushman & Wakefield. “Port 95 Commerce Park features an unparalleled level of convenience given its proximity to Fort Lauderdale-Hollywood International Airport and a plethora of local amenities.”
