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Sitex Group Acquires Two Warehouses In Fort Lauderdale For $9.35 Million With Brokers Baena & Milopoulos
SOLD
$9,350,000
Florida
See Similar DealsIndustrial52,883 SF
Sold 03/28/2025
SOLD
Sitex Group Acquires Two Warehouses In Fort Lauderdale For $9.35 Million With Brokers Baena & Milopoulos
3590 West Prospect Road
See Similar DealsIndustrial52,883 SF
Sold 03/28/2025
Summary
FLORIDA
Asset Type:Industrial
Price Per Square Foot:$176
Total Square Footage:52,883 SF
Transaction Type:Sale
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.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$498,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$33,218.57
Cash-on-Cash Return-1.27%
Monthly Debt Service$44,323.77
Annual Debt Service$531,885.24
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