Shifting gears: Elion Partners pays $12M for Pompano Beach auto parts distribution center
Tenant O’Reilly Auto Parts plans to vacate by the end of the year
Real estate investment firm Elion Partners bought a Pompano Beach distribution center for $11.65 million.
The 94,000-square-foot center at 3141 Southwest 10th Street is part of a larger series of logistics purchases that Miami-based Elion plans to make in markets including Broward and Miami-Dade counties, according to a press release.
Aftermarket parts and tools retailer O’Reilly Auto Parts leases the property and plans to vacate by the end of the year, sources told The Real Deal. Elion plans to find a new tenant.
The seller of the building is tied to Harold and Barry Bennett, the second generation of owners of Bennett Auto Supply, a 60-plus year-old regional aftermarket auto parts retail chain. Harold Bennett, son of Bennett Auto co-founders Allen and Lettie Bennett, signed the deed. Bennett Law, which counts former Bennett Auto general counsel Justin Bennett — son of Barry Bennett — among its lawyers, represented the seller in the Elion deal.
In 2018, O’Reilly agreed to buy most of Bennett Auto Supply’s real estate, which included 33 Florida stores at the time, according to a release.
The Pompano Beach building was constructed in 2001. The Bennetts bought the property for $5.9 million in 2000, records show.
In the latest deal, Katz & Associates’ Jon Cashion and Eric Spritz represented the seller, and Cushman & Wakefield’s Rick Etner Jr. represented Elion. Holland & Knight acted as Elion’s counsel.
Elion Partners separately bought four last-mile industrial distribution assets located in California and Washington state for a total of $83 million, according to the release.
In August, Blackstone bought eight industrial properties in Miami-Dade County from Elion Partners as part of a $93.5 million portfolio deal in South Florida.
Other recent industrial sales in South Florida include $15 million for a Miami Lakes warehouse, and $16.2 million for a warehouse in Doral.