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

Miami /
Nov.November 23, 2020 04:30 PM
Shlomo Khoudari and Justin Bennett with 3141 Southwest 10th Street in Pompano (Google Maps)

Shlomo Khoudari and Justin Bennett with 3141 Southwest 10th Street in Pompano (Google Maps)

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.






    Related Articles

    arrow_forward_ios
    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
    Bruce Flatt of Brookfield Asset Management with the warehouse (Brookfield, CBRE)
    Brookfield pays $26M for Doral warehouse
    Brookfield pays $26M for Doral warehouse
    Renderings of the project with Minto Communities president Michael Belmont (Minto, Konover South)
    Minto Communities plans 50-acre Westlake Landings business park in Palm Beach County
    Minto Communities plans 50-acre Westlake Landings business park in Palm Beach County
    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
    FECI's Kolleen Cobb with Countyline Corporate Park and the new sites at 4181 and 4241 West 108th Street (Google Maps)
    FECI plans Countyline Corporate Park expansion with $33M construction loan
    FECI plans Countyline Corporate Park expansion with $33M construction loan
    Pennock Square at 901 West Indiantown Road with Last Mile's Ryan Moore and Elion's Shlomo Khoudari (Google Maps)
    Elion Partners sells Jupiter shopping center for $19M
    Elion Partners sells Jupiter shopping center for $19M
    CubeSmart CEO Christopher Marr (Google Maps, LinkedIn via CubeSmart)
    CubeSmart buys Weston self-storage for nearly $12M
    CubeSmart buys Weston self-storage for nearly $12M
    arrow_forward_ios

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

    Loading...