37,911 SF Warehouse For Sale — $10,260,000 — 1850 NW 69th Ave, Plantation – #83138

Executive Summary
GBI Biomanufacturing Headquarters, located at 1850 NW 69th Avenue in Plantation, Florida, a 38,000 square-foot biologics manufacturing and life sciences facility in Broward County. The property is fully leased to GBI Biomanufacturing, Inc., a contract development and manufacturing organization (CDMO) specializing in mammalian cell culture development and cGMP biologics production.
The asset is secured by a triple-net lease with approximately seven years of remaining term through May 31, 2033, providing stable cash flow while minimizing landlord responsibilities, as the tenant is responsible for taxes, insurance, operating expenses, and maintenance. The lease also includes 2.6 percent annual rent escalations, providing consistent income growth throughout the remaining primary lease term.
The facility supports highly specialized biologics manufacturing operations requiring tailored laboratory buildouts, advanced mechanical systems, and pharmaceutical-grade production infrastructure. GBI has invested approximately $26 million into the facility, demonstrating significant tenant commitment while creating substantial barriers to relocation.
The investment also offers a clear value-add component through the lease renewal structure. Upon the first renewal option, rent resets to 90 percent of prevailing market rent, representing over 40 percent mark-to-market rent upside based on current underwriting. This structure provides the ability to significantly increase income at the end of the primary term, producing a projected 9.84 percent cap rate in year seven.
Additionally, the property benefits from Florida’s recently enacted stem cell legislation, which allows certain regenerative treatments to be offered within the state and has helped increase demand for stem cell manufacturing capacity. GBI has indicated the expanded facility will support the production of up to one million stem cell units annually, positioning the asset within a rapidly growing segment of the biotechnology sector.

Allowed by right

Animal grooming [Sec. 27-105 (e)(2)], Kennel/Pet hotel [Sec. 27-105 (e)(3)], Automotive paint or body shop [Sec. 27-105 (s)(5)], Car wash/detailing (attendant) [Sec. 27-105 (s)(6)], Internet automobile and light truck sales [Sec. 27-105 (s)(12)], Contractor's office (office only - no storage), General or professional office [Sec. 27-105 (t)(1)], Office use related to scientific/industrial research, product development/testing, engineering/marketing development, Office support - high density occupation area, Personal and household goods repair establishment [Sec. 27-105 (w)(1)], Fitness center/health club (2,500 sq. Ft or less) [Sec. 27-105 (g)(5) 27-105 (w)(1)], Photography studio [Sec. 27-105 (w)(1) 27-105 (v)(9)], Medical or dental lab [Sec. 27-105 (o)(4)], Educational, scientific, or industrial research and development (including labs), Electric motor repair (not including motor vehicles) [Sec. 27-105 (p)(2)], Laundry, dry cleaning, carpet cleaning, or dyeing facility [Sec. 27-105 (cc)(1)], Machine shop, Metal-working, welding, plumbing, or gas, steam or water pipe fitting, Metal-working ornamental, Audio and visual recording and production studio [Sec. 27-105 (cc)(2)], Mail order processing, Printing, engraving, or other similar reproduction facility, Newspaper or magazine publishing, Radio or television station [Sec. 27-105 (cc)(3)], Repair of appliances, Repair of scientific or professional instruments [Sec. 27-105 (cc)(2)], Tool repair shop, Technology based industry (Internet or computer related industries), Cabinet or furniture manufacturing and woodworking [Sec. 27-105 (r)(2)], Cigar making, Food and/or beverage products manufacturing (without slaughtering) [Sec. 27-105 (r)(1)], Garment manufacturing, Manufacturing, assembly, or fabrication, light, Freight service, Self-storage [Sec. 27-105 (aa)(1)], Warehouse distribution or storage [Sec. 27-105 (aa)(2)], Showroom, wholesale [Sec. 27-105 (bb)(1)]

With special approval

Recreation (Commercial and indoor), Fitness center/health club (over 2,500 sq. Ft.) [Sec. 27-105 (g)(5) 27-105 (w)(1)], Building, heating, plumbing, or electrical contractor's storage yard [Sec. 27-105 (p)(1)], Adult entertainment/Sexually oriented businesses [Sec. 27-111]