Otto Travieso, CCIM of Real Capital Partners LLC announced the sale of approximately 3,000 square feet of industrial flex space at Marina Lakes. The property consists of a flex warehouse space fully built out into office. Marina Lakes is in high demand due to the business park layout and central Class A location. The sale price was $600,000 or approximately $200 per square foot.
Otto represented the seller, who is a multifamily developer in South Florida, for this transaction.
“He had operated out of 3 of these units in the same office park. Two units were side by side, and the subject a few doors down. The seller purchased new headquarters and moved operations in 2019,”
Otto continues,
“The initial intention was to lease all three units, however the demand for purchase was not one the seller could pass up, so he sold the adjacent units within a few months and the third less than a year after.”
As the industry is affected by the current public health crisis, Otto was asked how this transaction was impacted by the change. He says,
“The virus definitely slowed the pace. The buyer immediately asked for a two week extension to close once the county initiated the stop work order.”
However, as a CCIM, Otto was prepared. He continues to say,
“The CCIM designation allows us to understand the complexities of any given transaction and how to get those resolved. This particular case had seller financing, which created an opportunity. This transaction is an example of being creative by all parties in order to achieve a goal. All parties did well in this transaction, and it was nice to be a part of it.”
For more information, please visit www.RCPFL.com
About Otto Travieso, CCIM
Otto Travieso has been involved in real estate transactions for over 20 years. He is experienced in both residential and commercial real estate financing, acquisitions, sales, and leasing. He has created a vast network from past client relationships that continues to produce new business. He possesses the experience necessary to assist in all aspects of commercial real estate. Currently, Otto is handling the acquisition, stabilization and disposition of commercial assets for private equity groups and high net worth families in South Florida. His goals are to continue to provide clients with market knowledge and solutions in order to maximize returns on commercial real estate assets.
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