Fort Lauderdale warehouse sells for $14.5M, double its 2014 price

A 1985-built warehouse at 3499 NW 53 Street in Fort Lauderdale changed hands for $14.5 million on Sept. 23, more than double the $6.875 million paid for it 12 years earlier, according to the Broward County Property Appraiser.

Why it matters

The deed is a clean read on what industrial buildings in the Broward corridor have gained since 2014. The price is up $7.625 million, or 111%, over 12 years and 12 days, which works out to roughly 6.4% a year compounded. That is before any capital spent on the building, which the public record does not show.

The buyer is an entity named 3499 NW 53 LLC, with a Lauderhill mailing address on the appraiser’s page. The record does not name a parent company, and the seller is not shown on the sales history, so we are not attributing the trade to a sponsor.

The numbers

• Price: $14,500,000, a qualified special warranty deed, instrument 121124603.
• Building: 79,629 adjusted square feet, actual year built 1985, listed under the warehousing use code.
• Land: 165,495 square feet, about 3.8 acres, so the price is roughly $88 per land square foot.
• Per building square foot: about $182 now, against about $86 in 2014.
• 2026 just (market) value on the appraiser’s roll: $10,825,820. The sale price is about 34% above it.

The 2014 deed, recorded 9/11/2014 for $6,875,000, is the only prior sale on the record page.

What’s next

Watch for two things. A permit filing would show whether the new owner plans a renovation or redevelopment of the 3.8-acre site, and the appraiser’s roll next year will show whether assessed value moves toward the price paid.

For more deals in the region, see our South Florida coverage and the capital and deals desk.