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

Industrial Development Company sold the 26-acre industrial park

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

651 South Federal Highway (Credit: Google Maps)

Pompano Beach marina sells for $6M

2401 West Atlantic Boulevard, Nightingale’s Elie Schwartz and Simon Singer and David Egozi of JDM Realty Group (Credit: Google Maps)

GDF Properties scores a retail center in Pompano Beach

The property and Jonathan Salk (Credit: Google Maps)

Liberty Property Trust sells Fort Lauderdale industrial buildings

Clockwise from top left: 3400 Northwest 74th Avenue, the Opa-locka industrial property and Centergate at Gratigny (Credit: Google Maps)

Here are South Florida’s largest industrial sales of 2019

5601 Northwest 72nd Avenue (Credit: Google Maps)

These were South Florida’s biggest industrial leases of 2019

Fordome Investment Group’s Kris Rodriguez and Blackstone’s Stephen Schwarzman (Credit: Getty Images, Google Maps)

Blackstone plans to build new Medley warehouse

2965 West Corporate Lakes Boulevard and Black Creek Group CEO Raj Dhanda (Credit: Google Maps, Blue Vault)

TIAA sells Weston warehouse for $33M

IMC Equity’s Yoram Izhak and 1490 West 49th Place (Credit: Google Maps)

IMC Equity snags Hialeah office building from Cofe Properties