Pembroke Pines Warehouse Sells for $58M, Gaining Nearly $20M in Two Years
By Julia Echikson January 4, 2022 6:19 pm
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An industrial complex in Pembroke Pines, Fla., has sold for $18 million more than its last trade two years ago, property records show.
Denver-based EverWest Real Estate Investors paid $58.3 million for the 248,770-square-foot property at 20351 Sheridan Street, less than two miles from Everglades Park.
Vital Pharmaceuticals, which makes the popular Bang energy drink, purchased the property for $40.3 million in January 2020, soon after the structure was completed — and right before COVID-19 hit, which turbo-charged the industrial market.
The beverage company, headquartered in nearby Weston, still owns the adjacent, 218,943-square-foot warehouse at 20311 Sheridan Street, per records.
It was not immediately clear if the property was occupied. A representative for Vital Pharmaceuticals could not be reached for comment. A spokesperson for EverWest did not respond to a request for comment.
EverWest holds approximately $3.8 billion in assets under management, which include 722,802 square feet of industrial real estate across Miami-Dade County. Sagard Holdings purchased the company last year, according to GlobeSt.com.
South Florida’s industrial market is booming thanks to the pandemic, which encouraged online shopping.
The region saw its strongest quarter, recording approximately 3.5 million square feet of positive net absorption during the third quarter of 2021, surpassing the previous set in 2010, according to data from Newmark. Average asking rental rates grew to $9.74 a foot in the third quarter, almost a dollar more than the same time the previous year, while the vacancy rate fell by 0.7 percentage point to 4 percent over the same period.
Julia Echikson can be reached at jechikson@commercialobserver.com.
