Fortress pays $66M for SuperValu distribution center in Pompano Beach

Trade is part of a $483M national portfolio deal

TRD MIAMI /
May.May 14, 2018 08:45 AM

SuperValu and Peter Briger of Fortress Investment Group (Credit: SuperValu and cnas.org)

Fortress Investment Group just bought a SuperValu distribution center in Pompano Beach, as part of a $483 million national portfolio deal.

CF Grocery Distribution PropCo., an affiliate of Fortress, paid $66.4 million for a 769,000-square-foot SuperValu facility at 1141 Southwest 12th Avenue. Records show the deal was financed with a $68.41 million mortgage from Royal Bank of Canada.

The seller, Associated Grocers of Florida, was acquired by Supervalu for $180 million in October. Records show the facility last traded for $51 million in 2006. It sits on the 51.5-acre site just west of North Andrews Avenue and north West Mcnab Road. It was built in 1973.

In April, the grocery distribution company announced it would be selling eight of its facilities, including the one in Pompano Beach. Other locations include Green Bay, Wisconsin; Harrisburg, Pennsylvania; Commerce and Stockton, California; and Champaign, Oglesby and Joliet, Illinois. The Commerce, California facility traded for $121 million.

In total, the portfolio spans about 5.8 million square feet. The trade is part of a 20-year sale leaseback agreement with SuperValu, with a five-year renewal option. Rent is expected to total about $31 million in the first year of the leases, according to SuperValu’s website.

Also in Pompano, Bridge Development Partners is building Bridge Point Powerline Road, a 468,000-square-foot speculative industrial park at 1951 North Powerline Road. Earlier this month, the 37-acre Festival Flea Market at 2900 West Sample Road traded hands for $25 million.


Related Articles

arrow_forward_ios
First Industrial Realty Trust CEO Peter E. Baccile, 1001 Northwest 12th Terrace and 1021 Northwest 12th Terrace in Pompano Beach (Credit: Google Maps)

First Industrial Realty picks up two properties in Pompano Beach

Pompano Beach imposes six-month moratorium on self-storage development (Credit: iStock)

Hold onto your stuff: Pompano Beach suspends self-storage development

Hank Freid and Marriott Fort Lauderdale Pompano Beach

Hank Freid buys Marriott-branded Pompano Beach hotel for $44M

Rendering of Cavache Properties’ Old Town Square

Cavache Properties scores CRA funding for Pompano project

Rendering of the project (Credit: Point Publications)

Cordish Companies, partner plan huge redevelopment of casino and horse racing track

Wayne Goldberg and a rendering of Sabbia Beach

Former La Quinta CEO sues Sabbia Beach development group over construction delays

Daniel Lebensohn and Seabonay Beach Resort (Credit: iStock)

Seabonay Beach Resort federal lawsuit ends in $3.5M verdict

State report finds open gas valve fueled building explosion at Plantation shopping center

arrow_forward_ios