Industrial Warehouse in Weston, FL to Become Self Storage

Posted: 10/17/2017 Link:
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Real estate investor Leo Ghitis has purchased a vacant industrial warehouse in Weston, Fla., for $8.1 million with plans to convert it to self storage. The property at 1500 N. Park Drive is in the Weston Park of Commerce.

The site comprises 84,672 square feet of warehouse space and 5,948 square feet of office space. It also includes 92 parking spaces, a drive-up ramp and seven van-high loading doors, the source reported.

The seller was an affiliate of Becknell Development, a Carmel, Ind.-based real estate firm that specializes in industrial development and management. The site was on the market a year ago for $9 million after its only tenant, Vital Pharmaceuticals Inc., vacated, according to Steven Wasserman, executive vice president of Colliers International Group Inc., the firm that represented Becknell in the transaction.

Ghitis was represented by UBS Realty Advisors, a global investing and real estate firm.

Born in Colombia, Ghitis has been investing in and developing industrial properties in South Florida for more than 30 years, Wasserman said. Ghitis also co-owns Nayara Springs, a luxury hotel in Costa Rica, which he developed with architect and co-owner Angelo Zaragovia.

Colliers International is a global commercial real estate services firm employing more than 16,000 professionals who operate out of 554 offices in 66 countries. The company offers a variety of services for investors, business owners and developers. These include consulting, market research, real estate intermediation for sale and rent, project management, property management, and valuation.

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