Industrial property

EverWest pays $14 million for Fort Lauderdale industrial property

Rick Stone of EverWest Real Estate Investors with 635 Northwest Fourth Ave (LinkedIn, Loopnet)

Denver-based EverWest Real Estate Investors has purchased fully leased industrial property in Fort Lauderdale for $14.1 million.

EverWest purchased the warehouse at 635 Northwest Fourth Avenue and 0.3 acres of land directly south of the building from Dixie Investments IV, according to the buyer’s broker.

Jose Sasson and Roberto Susi of Axiom Capital Advisors represented EverWest. Yishai Sinai of Biscayne Advisors represented the seller.

Charles Frasier, director of Dixie Investments IV, purchased the 62,568 square foot warehouse for $954,300 in 1993 and the neighboring land for $6,000 in 1997, transferring ownership of both properties to his Dixie Investments in 2005 , according to the records. The building was constructed in 1986.

The small-bay building is divided into spaces up to 10,000 square feet, Sasson said. It includes 24-foot clear heights and 10 dock-height doors. It’s unclear whether the buyer plans to develop the vacant land, which is currently being used by one of the tenants, Sasson said.

Tenants include boat accessories supplier Cruising’ Tikis and lighting contractor RLS Lighting.

Small-bay industrial properties are in demand because they provide storage space for retailers who have chosen not to use physical storefronts, Sasson said. Renting industrial space for e-commerce distribution is much more affordable than renting a storefront.

Small bay properties are “a very good hedge against inflation due to the rental growth we’ve seen and continue to expect,” Sasson said.
EverWest, led by CEO Rick Stone, was founded in 2013. Last year it became a subsidiary of alternative asset manager Sagard, which has offices in Montreal and New York, according to the websites of the two. companies.

EverWest invests in various types of properties. Its other South Florida properties include a 24,730 square foot retail building at 3034 Grand Avenue in Miami’s Coconut Grove and a 190,000 square foot industrial property at 5770 Miami Lakes Drive in Miami Lakes.

In January, EverWest paid $58 million for a warehouse in Pembroke Pines at 20351 Sheridan Street.

South Florida’s industrial market has thrived amid strong demand, in part created by the growth of e-commerce, and a lack of developable land. This allowed landlords to drive up rents and stimulated investor appetite.

Broward County industrial rent rose to $11.41 per square foot in the first quarter from $10.03 in the first quarter of last year, according to Colliers. The vacancy rate fell from 6.6% to 4.2%.

In another recent Fort Lauderdale transaction, Morningstar Properties in April purchased the self-storage facilities at 421 Northwest First Avenue and 125 Northwest Fourth Street in the Flagler Village neighborhood for nearly $30 million.