Michael RauchTom Robertson, Senior Managing Partners with CRE Florida Partners, represented the owner, The General Electric Company (GE), in the sale of a laboratory/ manufacturing building located in Newport Center at 1121 W Newport Center Drive in Deerfield Beach.
The property sold for $3,000,000, equating to $128 per square foot on a 7% capitalization rate.
The 23,360-square-foot asset has been owned and operated by GE since 1998, when it developed the proprietary processes for manufacturing synthetic diamonds.
The tenant, Sandvik Inc., is a world leader in the development and production of synthetic diamond and cubic boron nitride products for industrial applications such as cutting, machining, oil and gas drilling, grinding, rock drilling and wire drawing. Sandvik is a publically-traded International company with over 47,000 employees worldwide.
“This is the third asset in South Florida that we have exclusively represented for GE,” commented Robertson. “Inventory is low and CRE Florida Partners is currently working with several buyers looking for similar properties in Broward and Palm Beach counties.”
“Identifying quality industrial/distribution investment properties in South Florida continues to be a challenge and we are continuously sourcing these properties for our clients,” added Rauch.