Invesco sells Pompano industrial assemblage to Clarion: $77M
Invesco Advisers just sold an assemblage of industrial buildings in Pompano Beach to investment manager Clarion Partners for $77.25 million.
The sale includes the buildings at 2004, 2001 and 1901 Northwest 25th Avenue, as well as 2510 West Copans Road. All four were built between 1999 and 2001, and they house about 565,144 square feet of space altogether.
Invesco pieced together the properties through two separate deals in 2001 and 2004, according to county records.
In the first and larger of the two, the investment manager paid $36.2 million to buy three of the business park’s buildings from their developer, IDI Gazeley. Three years later, Invesco put the cherry on top of its portfolio with the $14.843 million purchase of the fourth and largest building at 2001 Northwest 25th Avenue.
With a combined price of $51 million, Invesco’s assemblage cost the company about $90 per square foot. Now, it has sold the buildings for nearly $136 per square foot.
Clarion, which is headquartered in New York, has been an active player in South Florida’s real estate market in recent months. Besides forming a partnership to purchase the Palm Beach Outlets shopping center for $278 million, the company made a splash in Lincoln Road last month with its $109 million pickup of a major mixed-use building’s ground lease. Its latest major industrial deal here was paying $18 million for a newly built warehouse in Medley.
The Pompano Business Center is a popular investment with institutional companies: just across the street from Clarion’s new assemblage, financial giant TIAA owns a FedEx building, and the Arizona Beverage Co. — famous for its tall cans of iced tea — owns a nearby warehouse its distribution center occupies in the business park.