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20351 Sheridan Street

EverWest Real Estate Investors Leases 249,700-Square-Foot Warehouse To All Glass Production In Pembroke Pines
LEASEDIndustrial

EverWest Real Estate Investors Leases 249,700-Square-Foot Warehouse To All Glass Production In Pembroke Pines

20351 Sheridan Street

Building Size

249,700 SF

Asset Type

Industrial

Closing

Oct 17, 2023

AI

EverWest Real Estate Investors has leased a 249,700-square-foot warehouse located at 20351 Sheridan Street in Pembroke Pines, Florida, to All Glass Production. The warehouse was originally owned by Vital Pharmaceuticals and was acquired by EverWest for $58 million in 2022. This spacious industrial property will serve as the manufacturing base for All Glass Production, a new glass manufacturing company.

Summary of transation details

  • Property Type: Industrial
  • Transaction Amount: Not specified
  • Square Footage: 249,700
  • Address: 20351 Sheridan Street, Pembroke Pines, Florida
  • Market: Pembroke Pines

Cushman & Wakefield represented EverWest Real Estate Investors in this transaction, with Christopher Metzger, Christopher Thomson, Matthew McAllister, and Rick Etner acting as the landlord's representatives. America’s Commercial Real Estate was the tenant's representative, with Alexander Bernaldo assisting All Glass Production in securing the lease.

Players

Richard Etner Jr

Cushman & Wakefield

Broker

$171.9M

vol

18 deals

Broker
Rick Stone

Rick Stone

EverWest Real Estate Investors

Landlord

$329.8M

vol

14 deals

Landlord

Frank Mata

All Glass Production

Tenant

$12.8M

vol

2 deals

Tenant

Fort Lauderdale Industrial Market Snapshot

Boundary boundary · Industrial · Lease transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93