Developer Secures Construction Loan for South Florida Warehouse
By Jeff Ostrowski September 13, 2024 7:00 am
reprints
Amid strong demand for distribution space in southwestern Broward County, Fla., Summit Real Estate Group secured a $31.3 million construction loan to build a distribution center in western Pembroke Pines.
Central Trust Bank of St. Louis, a division of The Central Trust Bank, provided the mortgage to Arrowrock IV South Florida Distribution Center, an affiliate of St. Louis-based Summit Realty Ventures, according to public records. The loan is collateralized by the site at 20421 Sheridan Street.
The parcel is approved for a 280,000-square-foot distribution center. Summit Realty bought the vacant land for $20 million in 2023, according to property records.
According to a market report by Avison Young, the industrial vacancy rate in the Southwest Broward submarket is just 2.1 percent, and the average asking rent is $15.72 per square foot.
Reflecting robust interest in warehouse space in Broward County, Blackstone affiliate Link Logistics last year paid $162 million for an industrial property in Deerfield Beach.
Jeff Ostrowski can be reached at jostrowski@commercialobserver.com.
