Weaver Morrison Commercial Real Estate Principal Franklin B. Morrison negotiated the sale of a ±32,880-square-foot, five (5) building small bay warehouse portfolio on behalf of the seller, AE Hollywood, LLC, an absentee owner from California.
The sale was a classic value-add opportunity with rents at 10-20% below market for small bay warehouses. The buyer paid $4,300,000 for the five properties located at 5740/5771/5790 Rodman, 5770 Funston and 5791 Plunkett Street in Hollywood.
The buyer, Investment Property Exchange Services, Inc., had dealings with Morrison several years ago on another small bay warehouse complex in Broward and gladly added this purchase to his investment portfolio.
Morrison has achieved great success with the industrial, multi-tenant, small bay warehouse product. As a result of these efforts, he has assembled a substantial client list that significantly improves the marketing and sale of this product.