Stockbridge pays $62M for Powerline Business Park in Pompano Beach

Executive Managing Directors of Stockbridge Capital Group Terry Fancher and Sol Raso with an aerial shot of Pompano Beach (Credit: Stockbridge and iStock)

Stockbridge Capital Group paid $62.25 million for the Powerline Business Park in Pompano Beach.

Stockbridge bought the 443,720-square-foot industrial park at 4100 Powerline Road for $140 per square foot. Pompano Beach-based Industrial Development Company sold the property.

Powerline Business Park includes 24 small-bay industrial buildings developed between 1983 and 1994. The 26.4-acre park was 96.8 percent occupied at the time of sale, according to a press release. Tenants include First World Imports, CMC Bakery and Bernoti Corp.

Cushman & Wakefield’s Mike Davis, Scott O’Donnell, Rick Brugge, Michael Lerner, Dominic Montazemi and Greg Miller represented the seller.

Last May, San Francisco-based Stockbridge bought the Quaye at Wellington, a 32-acre, 350-unit apartment and townhouse complex at 9840 Quaye Side Drive for about for $120 million.

South Florida’s industrial market is one of its best performing asset classes due to the scarcity of land and strong demand, attributed in part to e-commerce. In Broward County, vacancy rates were 3.9 percent in the third quarter of 2018, according to a report by Colliers International South Florida. Warehouse and distribution rental rates averaged $8.04 per square foot. – Keith Larsen

from The Real Deal Miami https://therealdeal.com/miami/2019/01/16/stockbridge-pays-62m-for-powerline-business-park-in-pompano-beach/
via IFTTT