Redfearn Capital Buys Pompano Beach Industrial Building for $10.3M
By Jeff Ostrowski September 29, 2022 3:42 pm
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An industrial facility occupied by a Home Depot adhesives supplier in Pompano Beach, Fla., has sold for $10.25 million, Cushman & Wakefield (CWK) announced Thursday.
The 50,200-square-foot building, located at 450 East Copans Road, was built in 1973 and last traded in 2019 for $6.6 million, according to property records.
The new owner is Redfearn Capital, a Delray Beach company with a portfolio of 3.5 million square feet of industrial real estate. The Pompano Beach building is occupied by a single tenant, Adhesives Technology Corporation, a supplier of epoxy, urethane and acrylic to Home Depot, Lowe’s and Sherwin-Williams.
Cushman & Wakefield’s Dominic Montazemi, Mike Ciadella, Scott O’Donnell, Greg Miller and Miguel Alcivar represented the seller, 450 E Copans Rd LLC of Delray Beach.
“Even in this turbulent market, industrial properties east of I-95 are still difficult to acquire and in very high demand,” Montazemi, executive managing director at Cushman & Wakefield, said in a statement. “The tenant’s long history at this property and below-market rent made this an ideal acquisition for Redfearn Capital.”
Below-market rents give a new landlord an opportunity to raise rates in the future. The building features 19-foot clear heights, 81 parking spaces and 5,800 square feet of office space.
Jeff Ostrowski can be reached at jostrowski@commercialobserver.com.
