MICHAEL YUROCKO , CCIM , AND MATTHEW ROTOLANTE , CCIM , SIOR
Two CCIMs worked together on a deal for a 100,000-sf industrial property along the Atlantic coast in Florida .
The industrial real estate sector has persevered throughout the pandemic , with supply chains and e-commerce keeping millions of people stocked with groceries , home supplies , and other necessities amid the instability . Two CCIMs in the Sunshine State completed a deal in 2020 that correlated to changes in consumer behavior related to COVID-19 .
Michael Yurocko , CCIM , vice president and broker for SLC Commercial in Stuart , Fla ., represented Packers of Indian River in its $ 5.5 million sale of a 100,000-sf industrial facility in Fort Pierce , Fla ., to Contender Boats , represented by Matthew Rotolante , CCIM , SIOR , president of Lee & Associates in South Florida .
“ Boaters recognized early in the pandemic that they could still entertain on the water and remain safer in an outdoor setting ,” Rotolante says . “ This higher demand led to an increased waiting list of boat orders for Contender , which finally lured them into making the investment .”
Yurocko , who represented Packers of Indian River , noted the appeal of the property in an already competitive market on Florida ’ s Treasure Coast .
“ For buyers needing exposure , the property has 1,200 feet of direct Florida Turnpike frontage ,” he says . “ Also , the 100,000-sf facility is on 19.45 acres , so the low coverage ratio means there is additional land for potential expansion if needed by the buyer .”
Retrofitting a citrus packing plant to become a facility where Contender Boats could produce models up to 32 feet in length presented its own set of challenges . The buyer worked with an overhead crane manufacturer to design a system for lifting boats from a grade-level prep to a dock-high production line . Contractor estimates and layout design were a bit onerous for Contender , but overcome through creative design and a little legwork .
With CCIMs on both sides of the deal , Rotolante and Yurocko remained confident that two reasonable parties could tie up all the loose ends .
“ CCIM stands for more than just an education — it comprises a network of high-quality , ethical professionals whose know-how helps facilitate deals at the highest level ,” Rotolante says . “ Working with Mike was a great representation of this .”
CIREMAGAZINE . COM COMMERCIAL INVESTMENT REAL ESTATE MAGAZINE 47