Apocalypse Manufacturing And SoFlo Customs Acquires Pompano Beach Manufacturing Facility for $10.7 Million

South Florida-based Apocalypse Manufacturing and South Florida Custom Jeeps (SoFlo Customs), known for their one-of-a-kind custom-made jeeps led by founder Joseph Ghattas, has closed on a $10.7 million acquisition of a new manufacturing facility to build and fabricate custom trucks. The 41,520-square-foot state-of-the-art facility was developed in late 2022 and is located at 2151 Hammondville Road in Pompano Beach, Florida. As a result of the off-market transaction, the new warehouse property will be used by the buyer to build and fabricate every Soflo Custom and Apocalypse 6x6 truck which will be sold off-site.

The purchase represents the expansion of the companies’ manufacturing facility from a 18,000-square-foot location in Fort Lauderdale to more than double the space at the new site in Pompano Beach. In addition to the physical expansion, the auto company plans to add approximately 35 skilled workers.

“The Hammondville Road location is perfect, as it is a brand-new facility with 16 grade-level doors and situated within a half-mile from Florida’s Turnpike and less than one mile from Interstate 95 offering convenient tri-county access,” said Viscount. “A spec building developed as an investment and marketed to rent the property’s design with a fairly narrow truck court limited the pool of potential prospects looking for industrial space but was ideal for my client, especially in a market where industrial space is scarce.”

South Florida Custom Jeeps was represented by Avison Young Principal Tom Viscount in the transaction. CBRE’s Tom O’Loughlin and Larry Genet represented the seller 1501 N Powerline LLC in the transaction.

“To move forward with the transaction, we had to work with the City of Pompano Beach to get the use of the facility approved,” explained Viscount. “We met with the city commissioners, zoning committee, and the mayor, all of whom were great to work with and unanimously agreed to the requested light manufacturing use of the building.”

SoFlo Customs has upgraded, customized and built from scratch over 3,000 Jeeps which they are famous for building with lift kits, big wheels, eye-grabbing rims and custom tailor-made leather interiors. The vehicles are sold throughout the country and internationally, with many designs exceeding hundreds of thousands of dollars. The high demand for the Apocalypse truck, which have waiting lists that consist of celebrities, athletes, and other high-profile buyers, led to the company’s search for a newer, larger facility that could accommodate the workflow. The trucks have been featured on Jay Leno’s Garage and in MotorTrend. SoFlo Customs has four stores and approximately 40 employees.

Images via South Florida Custom Jeeps

Slab Poured At Kings Logistics Center 664,176 SF Class A Industrial Project Servicing Lakeland To Miami

USAA Real Estate and Seefried Industrial Properties have completed site work and started to pour the slab and walls at Kings Logistics Center, one of the largest speculative industrial developments with available space in the South Florida market. The 664,176-square-foot Class A industrial park is located just off Interstate 95 at Orange Avenue/SR-68 in Fort Pierce, Florida.

Kings Logistics Center will be one of only a few industrial distribution centers located along I-95 between Daytona and Jacksonville. The property is expected to be completed in February 2023.

Colliers’ Lee Morris from Orlando and the Falk-Weprin Team from West Palm Beach will handle leasing on the project. The space features a 40-foot clear height, 248 trailer spots, 676 parking spots, excellent circulation with truck queuing lanes and a flexible site plan that can serve a single user or be divided for multiple tenants.

“Large industrial users looking to serve South Florida with freight coming from the ports of Jacksonville, Savannah, Charleston or down I-95 from the Northeast previously had few options. Kings Logistics Center offers a strong workforce, lower overall occupancy costs than comparable facilities in the tri-county market, and easy access to South Florida, making it a great fit for companies looking for a large-scale e-commerce, distribution or manufacturing facility. Also, because of limited options in southwest Florida, it is an option for firms impacted or expanding as a result of the recent impacts from Hurricane Ian. ” Said Lee Morris, SIOR, Executive Managing Director, Colliers.

The property is equidistant from Lakeland and Miami and offers easy access to South Florida via I-95 and the Florida Turnpike. Over 20 million customers – or 93% of Florida’s population - are accessible within a four-hour drive of Kings Logistics Center.

“This area of the South Florida industrial market has seen tremendous growth recently, adding key logistics facilities for two Amazon facilities, as well as FedEx and Chaney Brothers, which have joined existing operations for Walmart, CVS, Pepsi, Cold Air Distributors and Tropicana,” Morris said.

“The reasonable cost of land in Fort Pierce compared to Dade, Broward and Palm Beach counties, along with the availability of affordable housing and an abundant labor force, make the area a target for logistic expansions in South Florida.” Said Michael Falk, SIOR Executive Managing Director, Colliers Falk-Weprin Team, West Palm Beach, FL

USAA Real Estate and Seefried Industrial Properties are also installing the roof and slated to complete a 984,960-square-foot Building #100 of I-4 Logistics Park in Deltona/Orlando with an expected completion date of January 2023 for phase one. Construction of the remaining buildings in the park, including a 500,000-square-foot building and several rear-load buildings, will soon follow.

Forte Capital Management Flips Wynwood Industrial Property For $11.2 Million In Off-Market Transaction

Forte Capital, led by Chaim Cahane, and Sheridan Capital have flipped 2830 NW Fifth Ave. in Wynwood for $11.2 million just months after acquiring the industrial property for $6.35 million in December 2021 from Alex Karakhanian’s LNDMRK Development. The buyers are developing an ultra-luxury spec home designed by Kobi Karp on Miami Beach’s Sunset Islands. The off-market cash transaction was brokered by Jordan Karp.

The 14,000 SF property was originally built in 1950 and is currently vacant in raw condition. It features three retail suites spanning, 4,620 SF 3,500 SF and 5,743 SF, the last two of which are combinable. 2830 NW Fifth Ave. sits on 17,160 SF, .39 acre, lot and features private gated parking, high ceilings and quick access to highways. It is walking distance to some of Wynwood’s most notable projects and landmarks, including 545wyn, the Wynwood Building, Love Life Café, Morgan’s and the Wynwood Garage.

Wynwood has been a hot market recently as more than 400 businesses have moved into the neighborhood in including Blockchain.com, OpenStore, WeWork, Founders Fund, Spotify, Live Nation, Atomic VC, GAC Financial, Ramp Financial, Schonfeld and others. Currently, more than 3,500 new residential units, 400 hotel rooms and 1 million square feet of office space are in the pipeline. Wynwood’s 50-block district also has one of the most dynamic culinary scenes in the United States with a variety of highly rated restaurants including doma, Omakai, Hiden, Hiyakawa, Momosan, Uchi, Mister 01, Kyu, Bakan, Beaker & Gray and Pastis.

Recent notable transactions include Related Group and East End Capital selling Wynwood Annex in February for $49 million. Also in February UOVO Storage Deluxe acquired of a core Wynwood development site at 330 NW 29th Street for $11.5 million from Red Group Estate. In August 2021 the Brooklyn-based developer LivWrk acquired a 2.45 acre assemblage for $38.86 million and David Edelstein’s TriStar Capital and RAL Development acquired the final 13,250 SF piece of their 72,000 SF Wynwood assemblage where an office campus is planned for $13 million.

Forte Capital and Sheridan Capital Partnership Acquires Wynwood Commercial Property For $6.35 Million

Forte Capital, led by Chaim Cahane, and Sheridan Capital have acquired 2830 NW Fifth Ave. in Wynwood from Alex Karakhanian’s LNDMRK Development for $6.35 million. The buyers plan to reposition the existing 14,000-square-foot building at 2830 NW Fifth Ave. into creative offices. DWNTWN Realty Advisors Co-Founders and Managing Partners Tony Arellano and Devlin Marinoff represented both the seller and buyer in the transaction which closed on December 16.

“This property is perfectly positioned within Wynwood’s core pedestrian district and at the intersection of the neighborhood’s high-density main access corridor,” Arellano said. “We successfully marketed the building as an unparalleled adaptive re-use opportunity. The buyers will do a tremendous job executing that plan.”

The property features private gated parking, high ceilings and quick access to highways. It is walking distance to some of Wynwood’s most notable projects and landmarks, including 545wyn, the Wynwood Building, Love Life Café, Morgan’s and the Wynwood Garage.

“Wynwood is the talk of the nation, given the substantial technology and finance migration to the neighborhood,” Marinoff said. “This building will cater to the demand for cool and creative office space in Wynwood. As we head into 2022, there is still incredible demand from the investment world for acquisition and development opportunities here.”

Miramar Park of Commerce Sells For $18 Million At A Record Price Per Square Foot For Broward County

The Miramar Park of Commerce has sold for $18 million. The 56,072-square-foot industrial/flex building is located at 10315 USA Today Way in Miramar, Florida. At $321.02 per square foot, the transaction represents the highest price per square foot secured for an industrial/flex property in Broward County.

On behalf of the seller, Zeta Associates, LLC, Avison Young’s Industrial leasing team and Florida Capital Markets Group teamed up to complete the record-setting disposition to CRG Acquisition, LLC. The effort was led by Principals Tom Viscount, David Duckworth, Michael T. Fay, John C. Crotty, Wayne Schuchts, and Senior Associate Bobby Benton.

“The sale demonstrates both the resilience and attractiveness of the South Florida industrial market,” said Viscount. “Specifically, the significant price per square foot is indicative of the high demand for class A industrial and flex space, as investors continue to see South Florida as a key growth region. Due to the extraordinary demand and limited supply, less than 10 flex buildings over 50,000 square feet sold in the past year.”

The asset’s buyer is an investor who was attracted to Miramar Park of Commerce’s great location, well-maintained properties, and the prestige of the park. They plan to renovate the building to create a high-end educational campus-like setting to lease it to one of their national clients that operates a medical school.

“The buyer recognized the uniqueness and value of the building’s overall footprint and quality infrastructure sitting on seven acres, which cannot be replicated in today’s market,” added Viscount. “These factors certainly contributed to the notable sales price.”

Equidistant from Fort Lauderdale and Miami, Miramar Park of Commerce is a light industrial park campus in Southwest Broward County fronting the Florida Turnpike just one mile east of the Red Road Interchange. With over 5 million square feet of office/service, laboratory, pharmacy, light manufacturing, and distribution space, the world-class park is home to 10,000 employees from more than 170 national and international companies.

Pharrell Williams To Open Billionaire Boys Club Store In Wynwood

Pharrell Williams plans to open a new store for his clothing line, Billionaire Boys Club, in the Wynwood neighborhood of Miami after inking a lease at 2545 NW 3rd Ave. The lease is for 5,700 sq.ft. of space in an old wholesale shoe company building located near hot spots Zak the Baker and Wynwood Garage. Terms of the lease were not disclosed but both sides of the transaction was overseen by David Lerner of Dwntwn Realty Advisors. The 14,903 SF building is owned by Lerner Family Properties, led by brother-sister duo Irving and Esther Lerner.

Billionaire Boys Club has already had success in Wynwood with their pop-up store operating since 2018. The new location at 2545 Northwest Third Avenue will be Billionaire Boys Club’s second full store after its New York City location and is expected to open in 2021.

EverWest Real Estate Investors Acquires Hialeah Industrial Property In Off-Market Deal For $13.1 Million

The Denver-based real estate investment firm EverWest Real Estate Investors has acquired an 160,000 square foot industrial property in Hialeah, FL in an off-market deal. The property, which is located at 1101 E. 33rd St., an infill location in the heart of Miami’s Hialeah industrial submarket, was acquired for $13.1 million, or $82 per-square-foot. Andrew Gurewitsch of Windsor Realty Partners represented the building seller, a partnership between two local investors.

“Hialeah is a centralized location, in close proximity to Miami International Airport, major thoroughfares and sought-after labor,” said EverWest Director of Southeast Acquisitions Tyler Williams. “The building is also fully occupied with a stable rent roll, making it the perfect candidate for long-term improvements – demonstrating EverWest’s continued ability to acquire and enhance well-located industrial product in a highly competitive landscape.”

“Hialeah is a city within a city with continued strong demand across all asset classes. The property is located in one of the most robust and fundamentally strong submarkets in Miami-Dade with an exciting future,” said Andrew Gurewitsch of Windsor Realty Partners.

The Hialeah building features 18’ to 22’ clear heights with functional dock-high loading, direct rail access, heavy power and a large lot for high-volume trailer storage. EverWest plans to implement a capital improvement program while benefiting from the building’s stabilized tenancy in a submarket with strong rent growth.

The building was fully leased to two long-term tenants at acquisition; IC Industries Inc., a leading South Florida corrugated box manufacturing and delivery service, and Schwarz Partners Packaging, part of an Indianapolis-based holding company with interests in corrugated paper and packaging, with a focus on the full-circle renewable process.

Amazon To Build Largest Distribution Center in South Florida After Scoring Approval From Miami-Dade County

Miami-Dade commissioners have voted unanimously to sell a vacant lot located at 13200 Southwest 272nd Street near the Homestead Air Reserve Base in South Miami-Dade County to Amazon for $22,056,853, clearing the way for Amazon to build a new distribution center to service South Florida. Amazon will invest $80 million into the property to build out the distribution center which will be a minimum of 1 million square feet and could become the largest in the region. The distribution center would be used to distribute products including food, produce and groceries. The facility is expected to create at lease 325 permanent full-time jobs with an annual salary of $32,000. 25% of the funds paid by Amazon to acquire the site will be dedicated to the Miami-Dade Affordable Housing Trust and the remaining funds will be allocated to the Homestead Air Reserve Base Fund. The South Miami-Dade facility would be the 4th distribution center used by Amazon in the South Florida region.

Avison Young Oversees Zaragon Acquisition of RAM Steel Framing Headquarters For $7.55 Million

Avison Young’s Florida Capital Markets Group closed the $7.55 million industrial sale-leaseback of the 105,000 SF RAM Steel Framing headquarters location at 7400 N.W. 37th Ave. in Miami. Zaragon, Inc., purchased the property. With the sale, Zaragon secured a long-term, absolute triple net (NNN) lease with a single tenant that is a leader in supplying manufactured steel products to South Florida’s robust pipeline of active commercial developments. Avison Young Principals David Duckworth; Michael T. Fay, who is also Managing Director of the firm’s Miami operations; John K. Crotty, CCIM; Vice Presidents Brian C. de la Fé; David F. Spillers, SIOR; and Associates Emily Brais and Berkley Bloodworth facilitated the transaction on behalf of RAM Steel Framing.

“The sale-leaseback represents a trend of single-tenant industrial deals having the highest chance to close in the current market environment,” said Duckworth. “With the investment appeal of RAM Steel Framing as a high-quality tenant, we successfully negotiated and closed the deal during the COVID-19 shutdown without any pricing adjustments.”

RAM Steel Framing is a full-line manufacturer of drywall and structural framing for commercial and residential construction, with recent high-profile projects including the Miami International Airport expansion, the Seminole Hard Rock Hotel & Casino guitar-shaped tower in Hollywood, and the luxury Aston Martin Residences in Downtown Miami. The company is one of the fastest-growing steel manufacturers in the country and the largest manufacturer in South Florida, with additional manufacturing facilities in Orlando, Florida, and Chesapeake, Virginia.

“The absolute NNN investment opportunity was ideal in that all of the building’s structural and operating expenses will be the responsibility of the tenant,” continued Duckworth. “RAM Steel Framing is considered an essential business, and therefore offers great stability as a tenant.”

Located within an Opportunity Zone along Miami’s Hialeah industrial corridor, the industrial asset is approximately three miles from the Miami International Airport to the south and six and a half miles from Port Miami to the east.

Miami’s industrial market continued to outperform all other asset classes through 2019 and into 2020. According to research by Avison Young, overall vacancy in Miami-Dade County was 3.86%, with vacancy in the Hialeah submarket at 2.90% as of first-quarter 2020. Industrial rental rates hold firm due to low vacancy rates and strong fundamentals across the South Florida region.

Avison Young Completes 133,140 SF Of Industrial Leases In Broward County

Avison Young has announced it negotiated five industrial lease transactions totaling 133,140 SF in Broward County, Florida. The transactions were overseen by Avison Young Principals Tom Viscount and Wayne Schuchts. Sonny’s Enterprises, an international manufacturer and marketer of conveyorized carwash equipment, signed a 41,520 SF long-term lease expansion to fully occupy Westpoint Distribution Center at 5607 Hiatus Road in Tamarac. Colliers’ Ryan Goggins represented the landlord, Nuveen. Sonny’s Enterprises also signed a new 37,500 SF long-term lease at Tamarac Commerce Center at 6501 Nob Hill Road in Tamarac. Link Industrial Properties’ Eric Penaranda represented the landlord, GLP.

Stimwave, an online distributor and supplier of generic and brand name medicine, signed a new 26,000-square-foot lease at Park Central Business Park at 1310 Park Central Blvd. S in Pompano Beach. Duke Realty’s David Loudenslager represented the landlord. Lightfire Group, an e-cigarette and vapor distribution company, signed a 16,120 SF lease renewal at Westpoint Industrial Center II at 10601 State St. in Tamarac. Nothing Butt Cigarettes, a tobacco wholesaler and distributor, signed a 12,000 SF lease renewal at Westpoint Industrial Center II.

“West Broward and Pompano Beach continue to attract and retain industrial space users that value convenient access to locations throughout South Florida’s tri-county area via major thoroughfares,” said Tom Viscount of Avison Young. “Our clients had a differing range of space requirements in these tightening, in-demand submarkets, and it was a pleasure working with the landlords and their representation to meet those needs.”

The transactions reflect the continued robust demand for industrial space in Broward County. According to Avison Young’s year-end 2019 Broward County industrial report, West Broward, where Tamarac is located, posted the lowest vacancy rate in the county at 2.1%. Nearly 2.7 million SF of new industrial space was completed in the county, of which 1.1 million SF alone was delivered in Pompano Beach. The submarket still saw 456,773 SF of net absorption, indicating robust demand.