Richard F. Etner Jr., Christopher Metzger, Christopher Thomson and Matthew G. McAllister Represented Exeter Property Group in its $14.88 Million Acquisition of 4250 Coral Ridge Drive
CORAL SPRINGS, FL, September 27, 2017 — Cushman & Wakefield announced today that is has negotiated Exeter Property Group’s $14.88 million acquisition of 4250 Coral Ridge Drive, a 245,000-square-foot manufacturing facility situated on ±38.4 acres in Corporate Park of Coral Springs, of which ±17.6 acres is developable land.
Executive Director Richard F. Etner Jr., Executive Director Christopher Metzger, Executive Director Christopher Thomson and Director Matthew G. McAllister represented Philadelphia-based Exeter Property Group in the acquisition. Exeter acquired the asset from Hoerbiger Corporation of America.
The Cushman & Wakefield team also negotiated The Enthusiast Network’s $12.85 million sale of the asset to Hoerbiger Corporation of America in July 2015. Hoerbiger was expected to relocate its stateside manufacturing operations to this site, but changed plans earlier this year.
4250 Coral Ridge Drive, formerly known as the Alliance Building, was constructed in 1981 and fully renovated in 1995 to meet Category Five hurricane safety standards. It features 196,000 square feet of warehouse and manufacturing space, 63,000 square feet of high-end office space, a 17,771-square-foot mezzanine, a 1,600-square-foot data room, a 45-seat auditorium-style theater and 537 parking spaces. The facility is 100 percent air-conditioned; offers ceiling heights from 24 feet to 35 feet; is equipped with nine dock-high and one drive-in door; and can run for seven days at full capacity off a back-up generator.
The building sits on 38.41 total acres of land near the northwest corner of Coral Ridge Drive and Northwest 41st Street. The main structure occupies approximately 18.45 acres and is accompanied by a 2.4-acre water management area. The site includes three potential development parcels to the north (7.66 acres), southeast (4.6 acres) and southwest (5.3 acres) of the building. All land is zoned Industrial, Research and Development (IRD) with retail uses permitted.
“This was a unique opportunity to acquire a quality manufacturing facility along with developable land,” said Etner Jr. “This type of disposition is extremely rare in Broward County.”
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 45,000 employees in more than 70 countries help occupiers and investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. 2017 marks the 100-year anniversary of the Cushman & Wakefield brand. 100 years of taking our clients’ ideas and putting them into action. To learn more, visit www.cushwakecentennial.com, www.cushmanwakefield.com or follow @CushWake on Twitter.
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