Colliers International South Florida Facilitates Strategic Acquisition for Florida-based Contractor
Acquisition of neighboring property will more than double current facility
Deerfield Beach, FL, April 11, 2018 - Colliers International South Florida Executive Vice President Steve Wasserman has negotiated a $3.6 million strategic acquisition of an expansion property for Crawford-Tracey Corporation, the largest glazing contractor based in Florida. The property, located at 1340 SW 34th Avenue in Deerfield Beach, includes two buildings of 41,000 square feet on one acre of land and is contiguous to the company’s existing location, providing ample space to expand their production operations and inventory capabilities.
The new buildings more than doubles the company’s current facility of 40,000 square feet. Both buildings will be used with a new production layout that will sequentially move product and assemblies from one building to another. The new work flow will allow simultaneous glass deliveries on one side of the facility while the production of the glazing units will be completed and shipped out the opposite side, increasing overall capacity and fabrication efficiencies.
"Being immersed in this market, I know that industrial expansion opportunities can be tough to come by so I immediately thought of Crawford-Tracey when I heard that the neighboring tenant was listing their property for sale," said Colliers’ Wasserman. "At the time I was not aware if they had any expansion needs at all, but I knew it had the potential to provide a valuable solution in case they did.
Wasserman leveraged his relationships in the market to keep the transaction moving for both Crawford-Tracey and seller Boral Industries. In addition to working closely with Bank United on mortgage financing, the Colliers team identified an equipment hauler and scrap metal company to remove and purchase some of the equipment on-site leftover from Boral Industries.
"We are extremely excited with our acquisition, as it strategically supports our growth, creating an extremely efficient curtain wall glazing assembly," said Ray Crawford, President of Crawford-Tracey Corporation. "The fact that we were able to purchase the property directly behind our facility was critical in our ability to integrate the two facilities and expand our production capabilities."
Crawford-Tracey has seen double-digit growth over the last couple of years with its best year ever in 2017. The company offers some of the highest performing impact-resistant curtain wall systems in the industry with an incredible water rating of 100psf (industry average is 12 to 15psf). Recent high-profile projects include Daytona International Speedway, Southwest Terminal 1 at FLL, U Health Lennar Foundation Medical Center, Florida Hospital Apopka, Nike Retail Store (Lincoln Rd.), FIU Student Academic Success Center (SASC) Building, and the Mercy Hospital window renovation in Miami.
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Colliers International Group Inc. (NASDAQ and TSX: CIGI) is an industry-leading real estate services company with a global brand operating in 69 countries and a workforce of more than 12,000 skilled professionals serving clients in the world’s most important markets. Colliers is the fastest-growing publicly listed global real estate services company, with 2017 corporate revenues of $2.3 billion ($2.7 billion including affiliates). With an enterprising culture and significant employee ownership and control, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include strategic advice and execution for property sales, leasing and finance; global corporate solutions; property, facility and project management; workplace solutions; appraisal, valuation and tax consulting; customized research; and thought leadership consulting.
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For further information, please contact:
Paola Iuspa-Abbott on behalf of Colliers International South Florida
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