A $261-a-Foot Small-Bay Sale and a Port Everglades Land Lease Show Both Ends of Broward's Industrial Market

A 5,364-square-foot warehouse at 3056 NE 12 Terrace in Oakland Park sold for $1,398,500 on September 23, roughly $261 per square foot, and it is one of the clearest recent price points for the small industrial buildings that make up much of Broward County’s inventory. A day earlier, the County Commission approved a new land lease at Port Everglades for a steel distributor that has worked through the port for nearly three decades. Read together, the two deals show how differently industrial real estate is priced at the two ends of the Broward market.

The Oakland Park sale

The buyer, 3056 Knallhart Holding, LLC, purchased the building from THOP, LLC, with Steve Hyatt and Christian Hyatt of Berger Commercial Realty representing the buyer. The property sits near U.S. 1 and I-95 in east Broward, the kind of infill location where small-bay warehouse space stays in demand because so little of it is built anymore.

At about $261 per square foot, the price sits above the tri-county average sale price of roughly $238 per square foot that Lee & Associates reported for the second quarter, and slightly above the $254 average asking price ComReal tracked for marketed Broward warehouses in September. That premium is typical for small buildings, which trade to a deep pool of owner-users and private investors. One sale does not set a countywide trend, though, and the details that determine whether it is a good comparable for your building, its condition, yard area, occupancy and the buyer’s intended use, were not part of the public report.

The Port Everglades lease

On September 22 the Commission voted 9-0 to approve a lease for A.G. Royce Metal Marketing, LLC, doing business as Concrete Reinforcing Products, covering 3.94 acres, or 171,468 square feet, in the port’s Southport area. The tenant stores and distributes steel reinforcing bar for construction, moves more than 68,000 short tons through the port each year and supports about 81 jobs. The term runs from October 1, 2026 to September 30, 2027, with four mutual one-year renewals at 3% annual increases. Land rent starts at $1.4832 per square foot, about $254,000 a year.

Two terms stand out. The company has operated on successive one-year agreements since 2018, and the port director can require it to relocate within Port Everglades on 180 days’ notice. Port land is priced for proximity to the docks, not for security of tenure, and its rent should never be compared with warehouse building rents or with ordinary outdoor storage sites off the port.

What this means for you

Broward closed the second quarter with 5.4% vacancy, $17.67 per square foot in net asking rent and about 129,000 square feet of positive absorption, according to Cushman & Wakefield. In that environment, small functional buildings remain the tightest segment of the market.

If you own a small-bay building in east or central Broward, the Oakland Park sale is a useful reference point for a conversation about value, provided it is adjusted for the facts of your property. If you are weighing whether to buy or keep leasing, a price in the $250s per square foot belongs in a full cost comparison that includes financing, taxes, insurance and the capital a 30 or 40-year-old building will need. If your business depends on the port, understand your tenure and relocation exposure as clearly as your rent.

AXCESS Commercial helps Broward owners value and sell small industrial buildings, leases space for owners who would rather hold, and manages properties so the income a buyer or lender wants to see is documented and in place.

Talk to our team about leasing, listing or managing your Broward industrial property →