The General Electric Company (GE) has disposed of a laboratory and manufacturing building in Deerfield Beach in a $3 million sale. Located in the Newport Center at 1121 W Newport Center Drive, the asset changed hands for $128 per sqf on a 7% capitalization rate. The 23,360 sqf asset has been owned and operated by GE since 1998, when it developed proprietary processes for manufacturing synthetic diamonds. The tenant, Sandvik Inc., produces synthetic diamond and cubic boron nitride products for industrial applications such as cutting, machining, oil and gas drilling, grinding, rock drilling and wire drawing. Michael Rauch and Tom Robertson, Senior Managing Partners with CRE Florida Partners, represented GE during the sale. “This is the third asset in South Florida that we have exclusively represented for GE,” commented Tom Robertson, CBRE. “Inventory is low and CRE Florida Partners is currently working with several buyers looking for similar properties in Broward and Palm Beach counties.”
