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

Trade is part of a $483M national portfolio deal

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
Terranova’s Stephen Bittel with 93 Miracle Mile
Terranova plans retail-and-office project on Coral Gables’ Miracle Mile
Terranova plans retail-and-office project on Coral Gables’ Miracle Mile
Pulso Capital co-founders Maor Benami and Stellar at Palm Aire in Pompano Beach (LinkedIn, Google Maps, Getty)
Pulso Capital pays $22M for Pompano Beach complex
Pulso Capital pays $22M for Pompano Beach complex
Ytech's Yamal Yidios with 1500 Brickell Avenue
Ytech buys historic Brickell château, plans restoration
Ytech buys historic Brickell château, plans restoration
50 and 60 Northeast Third Street and 222 and 234 Northeast First Avenue (Google Maps)
Namdar pays $41M for downtown Miami apartment towers dev site
Namdar pays $41M for downtown Miami apartment towers dev site
IMC Equity's Yorham Izhak with Festival Flea Market
Festival Flea Market Mall in Pompano Beach to be replaced with warehouses
Festival Flea Market Mall in Pompano Beach to be replaced with warehouses
From left: Harbor Group International's Jordan E. Slone and T. Richard Litton Jr. (sellers); Cottonwood Residential's Daniel Shaeffer and Chad Christensen; 4411 North Federal Highway in Pompano Beach (Cottonwood Residential, Harbor Group International, Google Maps, iStock)
Cottonwood buys Pompano Beach apartment complex for $95.5M
Cottonwood buys Pompano Beach apartment complex for $95.5M
From left: The Estate Companies' managing principal Robert Suris and principal Jeffrey Ardizon along with a rendering of Soleste Pompano Beach and a sitemap for Soleste Hollywood Boulevard (The Estate Companies)
Estate Companies’ Pompano Beach, Hollywood apartment projects advance
Estate Companies’ Pompano Beach, Hollywood apartment projects advance
First Industrial Realty's Peter E. Baccile with 1801 North Andrews Avenue (First Industrial Realty Trust, Colliers, iStock)
First Industrial picks up Pompano Beach manufacturing facility for $25M
First Industrial picks up Pompano Beach manufacturing facility for $25M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...