Michigan REIT sells industrial complex in Pompano Beach for $21.7M

Seller flipped the warehouse at a 31% increase just six months after purchase

Jul.July 06, 2017 01:45 PM

1380 Northeast 48 Street Inset: Precast Specialties

PCS Acquisition, a Michigan-based real estate investment trust, just sold an industrial complex in Pompano Beach for $21.75 million, according to data from Real Capital Analytics.

The 23,071-square-foot building at 1380 Northeast 48 Street traded to Denver-based Industrial Property Trust under the entity name IPT Dixieland Highway Industrial Park DC LLC, records show. The trade breaks down to $943 per square foot.

Records show PCS Acquisition bought the warehouse this past January for $15 million or $650 per square foot, meaning the REIT flipped it with a 31 percent increase just six months after being purchased.

The warehouse is 100 percent occupied by Precast Specialties, according to RCA data. The local company provides concrete for utilities, structural and commercial real estate markets, according to its website.

Industrial Property Trust is a private REIT with interests in 159 assets that have an estimated property value of $3 billion, according to RCA data.

Property records show the warehouse sits on a 46-acre lot, and was built in 1974.

During the past couple of months Broward County’s industrial market experienced a peak in demand, according to a first quarter report from Colliers International South Florida. With rental rates increasing and vacancy rates dropping to about 4.4 percent in Broward, developers are scooping up industrial space before the market tightens up further.

Last month a car wash equipment manufacturer sold his 136,894-square-foot warehouse in Tamarac for $18.5 million to the Boston private equity firm Cabot Properties. About the same time Michael Dezer, the founder of Dezer Development, and his wife Noemi Dezer invested $6 million in a 52,738-square-foot warehouse in Fort Lauderdale.

Harunobu Coryne contributed reporting. 

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