Finance  ·  Sales

Florida Warehouse Portfolio Sells for $66M

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A portfolio of three Broward County warehouses built in the 1970s has changed hands for $65.8 million, according to deeds recorded this week.

The properties last sold in 2000 for $6.5 million, according to property records.

SEE ALSO: Boynton Beach Industrial Property Trades for $36M

The buyer is Last Mile BCC BH I LLC, a Birmingham, Ala.-based affiliate of Harbert U.S. Real Estate Fund VII. The sellers were entities managed by Steven J. Cooperman of North Lauderdale, Fla.

In one transaction, Pompano/Lincoln Industrial Ltd. received $59.82 million for both the 281,912-square-foot industrial building at 3435 Northwest 19th Street in Lauderdale Lakes and the 50,174-square-foot warehouse at 1842 Northwest 38th Avenue in Lauderhill. Those warehouses were built in the 1970s.

In a second transaction, the same buyer paid $5.98 million to Lincoln Two Industrial for the 27,374-square-foot warehouse at 1814 Northwest 38th Avenue in Lauderhill. That property was built in 1978, according to property records.

Pinnacle Bank issued a $39 million mortgage on the portfolio, according to public records.

The strong price for a collection of small-bay properties is a sign of strong investor demand for industrial property in South Florida. In a separate sale, a warehouse park in the Miami suburb of Sweetwater recently fetched $198 million.

Jeff Ostrowski can be reached at jostrowski@commercialobserver.com.