Sitex Group Acquires Two Warehouses In Fort Lauderdale For $9.35 Million With Brokers Baena & Milopoulos
3590 West Prospect Road
$9,350,000
$176/SF
Building Size
52,883 SF
Asset Type
Industrial
Closing
Mar 28, 2025
AI
The property asset involved in this transaction is an industrial facility located at 3580-3590 West Prospect Road in Fort Lauderdale. The property spans 3.49 acres and encompasses two warehouses totaling 52,883 square feet, with a total sale price of $9,350,000 and a price per square foot of $177.
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: $9,350,000
- Address: 3580-3590 West Prospect Road
- Market: Fort Lauderdale
- Acres: 3.49
- Square Feet: 52,883
- Price per Square Foot: $177
- Buyer: Sitex Group
- Seller: 777 Properties, Inc
- Brokers: Christian Baena & Greg Milopoulos - Lee & Associates
Christian Baena and Greg Milopoulos of Lee & Associates represented the buyer, Sitex Group, in this off-market transaction, which marks Sitex’s debut in the South Florida market. The buyer plans to hold the asset long-term, indicating a strategic investment in the Prospect Industrial and Commercial Park.
Players
Fort Lauderdale Industrial Market Snapshot
Boundary boundary · Industrial · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.70%
Cash-on-Cash
-0.48%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93