Fort Lauderdale Foods

5150 N State Road 7, Fort Lauderdale

Project Summary

Square Footage:

32,000

Project Type:

Value-Add / Redevelopment of Distressed Property

Product Type:

Industrial

Deal Source:

Bank

Challenges:

Distressed bank asset; challenging zoning issues due to cold storage facility located on retail corridor, rapidly growing tenant, and conversion from single-tenant to multi-tenant..

Solution: 

GNP effectively worked with Total Bank to complete the acquisition of a 32,000 SF property that was previously utilized as a single-tenant grocery/farmers market. Within 12 months of closing on the property GNP was able to fully lease the property to Catered Fit, a rapidly expanding, fresh meal delivery service company and another tenant that handled upstream food wholesaling. During the same period GNP completed government approvals, construction and completed a renovation that increased the value of the property by over 100%.