Stockbridge pays $62M for Powerline Business Park in Pompano Beach

Industrial Development Company sold the 26-acre industrial park

Miami /
Jan.January 16, 2019 01:30 PM

Executive Managing Directors of Stockbridge Capital Group Terry Fancher and Sol Raso with an aerial shot of Pompano Beach (Credit: Stockbridge and iStock)

UPDATED, Jan. 17, 10:27 a.m. Stockbridge Capital Group paid $62.25 million for the Powerline Business Park in Pompano Beach.

Stockbridge bought the 443,720-square-foot industrial park at 4100 Powerline Road for $140 per square foot. Pompano Beach-based Industrial Development Company sold the property.

Powerline Business Park includes 24 small-bay industrial buildings developed between 1983 and 1994. The 26.4-acre park was 96.8 percent occupied at the time of sale, according to a press release. Tenants include First World Imports, CMC Bakery and Bernoti Corp.

Cushman & Wakefield’s Mike Davis, Scott O’Donnell, Rick Brugge, Michael Lerner, Dominic Montazemi and Greg Miller represented the seller.

Jason Hochman of Cushman and Wakefield’s equity, debt and structured finance group, assisted Stockbridge Capital Group in securing a $31.1 million loan from State Farm Insurance Company.

Last May, San Francisco-based Stockbridge bought the Quaye at Wellington, a 32-acre, 350-unit apartment and townhouse complex at 9840 Quaye Side Drive for about for $120 million.

South Florida’s industrial market is one of its best performing asset classes due to the scarcity of land and strong 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. – Keith Larsen


Related Articles

arrow_forward_ios
Alex Rosemurgy and 2350 to 2390 North Federal Highway (Twitter, Google Maps)
Rosemurgy sells Pompano Beach shopping center for $10M
Rosemurgy sells Pompano Beach shopping center for $10M
Clockwise from top left: Sterling's Fred Wilpon, Merrimac's Dev Motwani Alliance's Bruce Ward and Carlyle's Kewsong Lee with 1333 South Ocean Boulevard, Pompano (Getty)
Sterling Equities pays $95M for Pompano Beach apartments
Sterling Equities pays $95M for Pompano Beach apartments
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
arrow_forward_ios

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

Loading...