International insurer spreads its wealth to Broward with $24M industrial deal

Pompano Distribution Center 1 (Inset: Sean Bannon and Roy Rosenbaum)
Pompano Distribution Center 1 (Inset: Sean Bannon and Roy Rosenbaum)

Zurich North America has just sealed its second big-ticket deal in South Florida during August.

The international insurer’s investment arm paid $23.6 million for a distribution center in Pompano Beach, sold by Atlanta developer Robinson Weeks Partners.

According to listing brokerage Cushman & Wakefield, which announced the deal, Zurich purchased the Class A warehouse at 3901 Northeast 12th Avenue near the Broward Health North hospital.

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Measuring 202,210 square feet, the newly built distribution center was finished in 2014 by Robinson Weeks Partners and features 32-foot ceilings, high-power sprinkler systems and 125-foot truck courts. It’s fully occupied with tenants including Restoration Hardware, Sunbelt Marketing and RWC, a firearms company. The deal breaks down to $117 per square foot.

Cushman & Wakefield’s Mike Davis, Rick Brugge, Michael Lerner and Richard F. Etner represented the seller for this deal. Zurich handled the sale in-house with Roy Rosenbaum, director of acquisition, and Sean Bannon, head of the company’s U.S. real estate division.

Just lask week, Zurich’s investment arm made a splash in downtown Fort Lauderdale when it closed on the $46.5 million purchase of Plaza 100, an office tower with asking rents averaging $23.5 per square foot. — Sean Stewart-Muniz