Car wash equipment manufacturer sells Tamarac warehouse for $18.5M

Car wash equipment manufacturer sells Tamarac warehouse for $18.5M

Thursday, June 1, 2017

5606 North Hiatus Road (Inset: Paul Fazio)

Car wash equipment manufacturer Paul Fazio just sold his 136,894-square-foot warehouse in Tamarac for $18.5 million to an arm of the Boston private equity firm Cabot Properties, records show.

The buyer, CICF I – FL2M01 LLC, paid $135 per square foot for the warehouse at 5606 North Hiatus Road. It lies east of the Sawgrass Expressway and north of Commercial Boulevard.

Property records show Fazio bought the land, which stretches nearly 8 acres, in 2000 for $1.8 million under the entity Fazio Holdings LLC. The warehouse was built in 2oo1 to 2002, records show.

Cabot Properties has a history of buying warehouses in South Florida. Last year it bought a 124,420-square-foot warehouse in Royal Palm Beach for nearly $16 million.

At about the same time, three retail centers in Tamarac and Lauderhill hit the market for $10.87 million.

Investment in Broward’s industrial properties is rising. According to a Colliers International South Florida report, the first quarter of 2017 saw double the investment in the Broward industrial market, to $145 million, compared to $75 million in the same period of the previous year. Vacancy rates also dropped to about 4.4 percent in Broward, according to the report.

Source: The Real Deal