Institutional investors are continuing to pour money into Broward’s industrial market.
ASB Capital Management bought a 221,815-square-foot warehouse in Fort Lauderdale for $38.2 million, records show. The price equates to $172 per square foot.
ASB bought the property at 201 Northwest 22nd Avenue from Chicago-based Bridge Development Partners.
Known as the Bridge Point Riverbend, the property features 32-foot ceiling heights and rear-dock loading.
Bridge Development had bought the site for $10.4 million in 2017 and built the warehouse in 2018.
Bethesda, Maryland-based ASB has $18.8 billion assets under management, according to its website. The company is active in South Florida. In 2018, ASB paid $24.3 million for a warehouse in Hialeah that’s fully leased to the furniture manufacturer Synergy Custom Fixtures.
Institutional investors are still flocking to South Florida’s industrial market, despite concerns that prices will come down this year. In Miami-Dade County, rents decreased to $9.47 per square foot in the first quarter from $9.70 per square foot in the fourth quarter of last year, due to an increase in warehouses delivered, according to a report by Colliers International South Florida.