Blackstone, Invesco Buy Pompano Beach Warehouses
By Julia Echikson May 7, 2024 3:25 pm
reprints
Blackstone (BX) and Invesco Real Estate (IVZ) bought three warehouses, all in Pompano Beach, Fla., in separate transactions that totaled $44.6 million — nearly double the sales price recorded since the last time the sites traded hands.
In the largest deal, Invesco Real Estate paid $23.9 million for two warehouses that together span 94,106 square feet.
Located between 1280 and 1300 NW 22nd Street, the bigger building, which stretches 68,806 square feet, features 22-foot clearance height, rear loading, 11 dock-high doors, two drive-in doors, and 110 car parking spaces.
The smaller, 25,300-square-foot building at 2151 Blount Road, houses 18.5-foot clearance height, rear loading, six dock-high doors, one drive-in door, and 33 car parking spaces.
Back in 2016, the Los Angeles-based seller, Ares Management, purchased the portfolio for nearly $9 million, according to property records. The properties are now fully leased, according to CBRE, whose Jose Lobón, Frank Fallon, Trey Barry, and Royce Rose represented Ares.
Five miles south at 3141 SW 10th Street, Blackstone affiliate Link Logistics bought a 93,873-square-foot manufacturing and distribution facility for $20.7 million. Bennett Auto Supply commissioned the property in 2001 and sold it to Elion Partners for $11.7 million in 2020, according to property records. Today, The Shade Store uses the space to manufacture and distribute window treatments as well as house its logistics department.
Cushman & Wakefield’s Dominic Montazemi, Mike Davis, Greg Miller, Rick Brugge and Rick Colon represented the seller in the recent transaction.
The appreciation of the three properties reflects the tightening of South Florida’s industrial market since the pandemic, which boosted online shopping sales and the region’s population. In the last quarter, Broward County boasted a vacancy rate of 3.5 percent for industrial properties, according to research by CBRE.
Julia Echikson can be reached at jechikson@commercialobserver.com.
