Colliers International South Florida Executive Vice President Steve Wasserman has negotiated Hoerbiger Corp’s $14.88 million sale of 4250 Coral Ridge Drive, a 240,000-square-foot manufacturing facility situated on 38 acres in Corporate Park of Coral Springs. The buyer, Exeter Property Group, is a real estate investment manager focused on industrial properties and portfolios across North America and Europe.
Acting as real estate advisor to the seller for more than ten years, Wasserman also represented the long-established international manufacturing firm Hoerbiger Corporation of America in the 2015 purchase of the building. Propelled by changes in the oil energy markets, the operational needs of the firm also altered, and Hoerbiger retained Wasserman once again to represent them in the strategic sale.
“Hoerbiger is a global leader in their industry so, of course, they monitor opportunities and changes in the market and want their real estate to reflect that,” added Wasserman. “And with the demand for industrial space in Broward County continuing to be so strong, it was excellent timing for them to make this sale.”
Established in 1895, Hoerbiger operates in 140 locations in more than 50 countries and maintains a presence in South Florida, with other locations in Pompano Beach and Deerfield Beach. The firm is a global leader in the fields of compression technology, drive technology, and hydraulic systems.
“With a long-standing working relationship, Steve clearly understands our goals and objectives – short and long-term,” added Don York, President of Hoerbiger Corporation of America. “We value having a strategic advisor to help us align our real estate holdings with our current and future business objectives and this sale helped us do just that.”
4250 Coral Ridge Drive, formerly known as the Alliance Building, was constructed in 1981 and fully renovated in 1995 to meet Category Five hurricane safety standards. It features 240,000 square feet of rentable area, including 63,000 square feet of high-end office space, and 537 marked parking spaces. The facility is 100 percent air-conditioned; offers ceiling heights from 24 feet to 35 feet; is equipped with nine dock-high and one drive-in door; and can run for seven days at full capacity off a back-up generator.