First Industrial Realty Trust pays $9M for Pompano Beach site

Miami /
Nov.November 14, 2018 03:30 PM

1200 Northwest 15th Street, Peter Baccile president and CEO of First Industrial Realty Trust

First Industrial Realty Trust just paid $8.7 million for a 8.4-acre industrial site just off I-95 in Pompano Beach.

The Chicago-based industrial REIT purchased two properties for $24 per square foot at 1200 and 1272 Northwest 15th Street in Pompano Beach. A 46,690 square foot metal building sits on the 1200 Northwest 15th Street parcel.

First Industrial Realty Trust bought the properties from HS-Pompano FL, which is managed by Peter Alevizos.

CBRE’s Larry Genet, Tom O’Loughlin, Robert Smith, Jeff Kelly and Kirk Nelson negotiated a sale on behalf of HS-Pompano FL.

Genet said in a statement that the site received eight offers. The property could be redeveloped in the future as warehouses, according to a press release.

In April of 2004, HS-Pompano FL LLC purchased a portfolio of properties from CBRE, including the recently sold properties.

First Industrial Realty Trust owns and has under development about 64.7 million square feet of industrial space.

South Florida’s industrial market is one of its best performing asset classes due to the scarcity of land and high demand attributed in part to e-commerce. In Broward County, vacancy rates were 3.9 percent in the third quarter of 2018, according to a report by Colliers International South Florida. Warehouse and distribution rental rates averaged $8.04 per square foot.


Related Articles

arrow_forward_ios
Shlomo Khoudari and Justin Bennett with 3141 Southwest 10th Street in Pompano (Google Maps)

Shifting gears: Elion Partners pays $12M for Pompano Beach auto parts distribution center

Shifting gears: Elion Partners pays $12M for Pompano Beach auto parts distribution center
Christopher Longsworth and Josh Zegen, with Envy is at 475 SE 1st St, Pompano Beach

Invesca lands $50M refi on Pompano Beach apartments

Invesca lands $50M refi on Pompano Beach apartments
Mark Corlew, Anuj Grover, and a rendering of Pompano Station

Grover Corlew’s Pompano Beach multifamily project advances

Grover Corlew’s Pompano Beach multifamily project advances
Rendering of The Ocean Six Terraces (Credit: Rex Nichols Architects)

Canadian developers launch sales of oceanfront townhouse project in Pompano Beach

Canadian developers launch sales of oceanfront townhouse project in Pompano Beach
1930 Northwest 23rd Street with (from left) Shane Neman, Richard Kilstock and David Aaron (Getty, Arkadia, Neman Ventures)

Arkadia buys cold storage warehouse in Allapattah for $5M

Arkadia buys cold storage warehouse in Allapattah for $5M
Michael Wohl & site plans

Affordable housing developers plan Pompano Beach townhouse project

Affordable housing developers plan Pompano Beach townhouse project
Edgardo Defortuna and the site (Courtesy of Fortune)

Fortune International Group buys waterfront Pompano Beach site for $28M

Fortune International Group buys waterfront Pompano Beach site for $28M
Nick Pérez and Solemar (Courtesy of Related)

Related Group launches sales of first SoFla condo project since 2016

Related Group launches sales of first SoFla condo project since 2016
arrow_forward_ios

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

Loading...