Broward County Industrial Complex Trades For $18M
By Jeff Ostrowski April 11, 2024 12:19 pm
reprints
Powerline Commerce Park, an industrial complex in Deerfield Beach, Fla., sold this week for $18.1 million, or $248 per square foot, according to a deed.
The 4.5-acre property, built in 1989, features three buildings totaling 72,919 square feet. Powerline Commerce Park is located at 1250, 1280 and 1310 South Powerline Road.
The seller was Bristol Group of San Francisco. The new owner is NorthBridge Partners of Wakefield, Mass.
Mike Davis, Dominic Montazemi, Rick Brugge and Rick Colon of Cushman & Wakefield (CWK) represented both parties in the transaction.
“Powerline Commerce Park presented a very unique opportunity to acquire three single-tenant buildings that offer tremendous upside with rents nearly 50 percent below market,” Montazemi said in a statement.
Reflecting a massive runup in warehouse prices, the property last sold in 2013 for $4 million, according to property records.
Broward County’s industrial vacancy rate was 4.8 percent at the end of 2023, according to a report by Avison Young. Industrial sales volumes in the Fort Lauderdale market fell sharply during 2023 amid an overall slowdown in commercial real estate investment, Avison Young’s report said. Average industrial sales prices dipped slightly to $226 per square foot.
Jeff Ostrowski can be reached at jostrowski@commercialobserver.com.
