Zenith Investing $2.5 Mil in Rehab

OAKLAND PARK, FL-Zenith Realty Investments is investing $2.5 million in a 33-year-old industrial warehouse the company acquired in October last year for abut $4.4 million from a private family trust.

The Deerfield Beach, FL-based affiliate of Brenner Real Estate Group Inc., which is handling leasing and property management at the site, is reconfiguring the 188,000 sf of space to accommodate either distributing or light manufacturing tenants that need up to 15,000-sf of space.

Work already has started on the project, with City Construction serving as the general contractor. Juan Caycedo of Retzsch Lanao Caycedo is the project architect. Colonial Bank is providing construction financing.

Originally constructed in 1968, the 10.43-acre industrial site at 1201 NE 38thSt. served as a central distribution facility, warehouse and service center for Sears Roebuck & Co. It has 20-foot ceilings, covered platform loading docks and 37 overhead doors. The renovation project is located within a proposed community redevelopment area.

“The City of Oakland Park is in the final stages of seeking approval for a CRA which would kick off major plans for the area’s revitalization,” Scott Brenner, Brenner Real Estate president, tells GlobeSt.com. “As South Florida continues to use up the limited land supply, more and more people and businesses are coming back to the east side of town. It is only natural. The demographics are there.”