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