Hallandale Beach-based Savlan Capital has purchased a Class A business park in Southside for $18.3 million.
Exchange South, a 194,400-square-foot light-industrial business park located at 9143 Philips Highway, previously belonged to Exchange South Owner LLC, which shares an address with the New York-based firm, HighBrook Investors.
HighBrook had purchased the property in 2015 for $16.5 million, according to property records.
The two-building business park was developed from 1990 to 1996. It features 16 high-dock doors and 35 drive-in doors.
Notable tenants include Univar, ALS Group, Orion Energy Systems, Schindler Elevators, Konica Minolta, Lab Corp, Lending Tree and Omnicare, a subsidiary of CVS.
The property was 75 percent leased at the time of purchase. Savlan has brought on Keith Goldfaden and Christian Harden of NAI Hallmark to handle the leasing.
“Demand for flex office space is at an all-time high from e-retail distribution and fulfillment companies, cloud computing space, medical and lab facilities, construction companies and traditional users, such as industrial production companies,” Savlan CEO Zusha Tenenbaum said in a statement to the Business Journal Tuesday.
Savlan plans to invest $2 million to improve the interior of vacant units, exterior painting and landscape upgrades.
“We are excited to add the Exchange South into our growing portfolio, and we will continue seeking opportunities to purchase under-valued light-industrial business parks in primary markets,” Savlan Director of Acquisitions Yossi Edelkopf said in a statement to the Business Journal Tuesday.
Cushman & Wakefield’s Karl Johnston represented the seller in the sale.