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
David Grutman and Pharrell’s Goodtime Hotel had received nearly 30 noise violations (Carma Connected, Getty)
Too much of a good time? David Grutman and Pharrell’s Goodtime Hotel could lose entertainment permit
Too much of a good time? David Grutman and Pharrell’s Goodtime Hotel could lose entertainment permit
Related Companies Chairman Stephen Ross with One Flagler (Related, Getty)
Prayers answered? Related Companies closes on church site for planned office tower in downtown West Palm
Prayers answered? Related Companies closes on church site for planned office tower in downtown West Palm
Grover Corlew principal Mark Corlew with Bank of America Tower in Boca Raton (Grover Corlew)
Grover Corlew buys Bank of America Tower in Boca Raton for $45M
Grover Corlew buys Bank of America Tower in Boca Raton for $45M
The partially collapsed 12-story Champlain Towers South condo building (Getty)
Inside the tug-of-war over the Surfside condo site’s future
Inside the tug-of-war over the Surfside condo site’s future
Avery Pompano Beach apartments with Yaakov Frankforter of Frankforter Group (LinkedIn via Frankforter, Avery Pompano Beach)
Frankforter Group buys Pompano Beach apartments for $43M
Frankforter Group buys Pompano Beach apartments for $43M
Moishe Mana and the downtown parking lot he purchased (Google Maps, Getty)
Moishe Mana expands downtown Miami assemblage with $12M purchase
Moishe Mana expands downtown Miami assemblage with $12M purchase
Axonic's Jonathan Shechtman and Breezes at Palm-Aire (Berkadia)
Axonic Properties buys Pompano Beach condos in $25M bulk purchase
Axonic Properties buys Pompano Beach condos in $25M bulk purchase
Rendering of the Sonata Apartments (Burgos Lanza, iStock)
Cornerstone wins approval for mixed-income apartment complex in Pompano Beach
Cornerstone wins approval for mixed-income apartment complex in Pompano Beach
arrow_forward_ios

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

Loading...