Sales  ·  Industrial

New York Investor Buys Spice Lab Warehouse in Pompano Beach for $24M

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Sterling Investors paid $24.3 million for a fully occupied warehouse in Pompano Beach, Fla., property records show.

Located at 4000 Dixie Highway, the building spans 127,771 square feet and is home to the headquarters of Spice Lab, a seasoning and cookware company with a store in Fort Lauderdale. 

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The sale comes to just short of $190 a square foot. 

The seller, Zurich Alternative Asset Management, bought the property for $15 million in 2017, a year after it was completed. In 2021, the Swiss asset manager spent $126,347 upgrading interiors, according to property records.

Representatives for both the New York-based buyer and the seller did not immediately respond to requests for comment.

Pompano Beach, situated just north of Fort Lauderdale — South Florida’s second largest city — has attracted industrial investors. Last month, Prologis, one of the nation’s largest industrial landlords, paid $41.1 million for a 153,496-square-foot warehouse six miles south as part of a $3.1 billion portfolio sale.

Broward County’s industrial leasing market remains strong. Asking rents increased by 2.8 percent to $15.17 per square foot triple net during the second quarter of 2023, relative to the previous quarter, according to data from Colliers

Julia Echikson can be reached at jechikson@commercialobserver.com.