Leo Ghitis Acquires Self Storage In Weston For $8.1M

The property involved is a 90,620-square-foot industrial warehouse located at 1500 North Park Drive in Fort Lauderdale, FL. The asset, situated in Weston's market, was sold for $8.1 million. The seller, Becknell Development, parted ways with the property, and the buyer, Leo Ghitis, acquired it through UBS Realty Advisors, at a rate of approximately $90 per square foot.

Summary of transaction details:

• Property Type: Self Storage
• Transaction Amount: $8,100,000.00
• Address: 1500 N Park Dr, Fort Lauderdale, FL
• Market: Weston
• Seller: Becknell Development
• Buyer: Leo Ghitis
• Seller's Representative: Steven Wasserman (Colliers International)

Steven Wasserman of Colliers International South Florida was the seller's representative in the deal. The warehouse, previously occupied by Vital Pharmaceuticals (VPX), hit the market for $9 million a year before the recent transaction. Ghitis, the buyer, plans to repurpose the vacant warehouse into a self-storage facility following the acquisition.