Demonstrating the continued growth of the Broward County investment market, Stiles Retail Group (SRG) represented a local firm in the sale of its former headquarters and the purchase of its new office.
Stiles Vice President Bill Pace represented Sun Auto Tops, Inc. in the sale of its Fort Lauderdale showroom/office/warehouse at 700 W Sunrise Boulevard and in the purchase of its new location at 3705 West Commercial in Tamarac.
Accelerated Investments FLL LLC acquired the East Sunrise Boulevard property for $9.4 million. Dan Lynch of Atlantic Retail Properties represented the buyer in the transaction.
“The East Sunrise market is showing incredible strength right now due to its prime location just north of downtown, excellent demographics and easy access to I-95,” Pace said.
Despite the attractive location, there were still obstacles as the property features three distinct building types. Situated on just over two acres, it has a 7,075 SF retail showroom, a 6,997 SF Class A office space and a 36,662 SF warehouse.
“Finding the right buyer was a challenge due to the building’s size and multiple use categories,” explained Pace. “One potential buyer may like the warehouse but not need the office. We were able to utilize a variety of resources and contacts to find the perfect buyer and provide a great outcome for all involved.”
“Our client’s needs did not end with the sale. In many ways, the most challenging aspects of the process came while identifying the new location. Bill and our SRG team worked tirelessly to create an economic structure and timeline that met the demands of each of the parties” said Dan Coyle, SVP, Stiles Retail Group.
The 3705 West Commercial property in Tamarac, which was purchased for $4.6 million, features a 30,656 SF retail showroom/warehouse situated on 2.043 acres. Clint Casey and William Rotella of The Rotella Group represented the seller, NRNS Acquisition 3705 Commercial LLC.