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South Florida

Broward warehouses trade for combined $47M in three separate deals

Miami developer Jon Samuel, Clarion Partners JV and Criterion Group pick up warehouses in Coral Springs, Hollywood and Pompano Beach

Clarion Partners CEO David Gilbert and Cadence Partners managing partner Todd Watson with their Hollywood industrial property (Rich Commercial Group, Clarion, Cadence)
Clarion Partners CEO David Gilbert and Cadence Partners managing partner Todd Watson with their Hollywood industrial property (Rich Commercial Group, Clarion, Cadence)

In a trio of separate deals, real estate investors from Miami, Orlando and New York picked up Broward County industrial properties for a combined $46.7 million. The purchases show South Florida’s industrial market is not slowing down, even as warehouse properties become harder to come by.

Three entities managed by Midtown Miami developer Jon Samuel landed a 106,600-square-foot industrial complex at 11711 West Sample Road in Coral Springs for $15.7 million, according to records. The seller is an entity managed by Daniel Sinkoff, vice-president of Vutec Corporation, a manufacturer of projector screens that currently occupies the building.

11711 West Sample Road (LoopNet)

11711 West Sample Road (LoopNet)

Sinkoff’s entity paid $5.2 million for the property in 2009, records show. The building was completed in 1996.

In Hollywood, New York-based Clarion Partners and Orlando-based Cadence Partners teamed up to buy a 27,859-square-foot warehouse on a 7-acre site at 2910 Stirling Road, records show. The joint venture paid $15 million.

The seller is Hollywood-based FLT Investments, whose president is Frank Villella. FLT paid $390,500 in 1999 for the property.

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Criterion Group principal Yung Ching Siu

Criterion Group principal Yung Ching Siu

An affiliate of Criterion Group, a New York-based real estate investment firm specializing in industrial, self-storage, film production and multifamily properties, bought a portion of an industrial park at 33 Northwest 33rd Street in Pompano Beach for $16 million, according to records.

An entity managed by North Miami developer and real estate investor Yoram Izhak is the seller. Izhak bought the property and an adjoining parcel at 2900 West Sample Road for $25 million in 2018.

According to JLL, Broward’s absorption rate in the third quarter was the strongest since 2017, as demand is outpacing the growth of supply, partly due to a pause in groundbreakings during the early stages of the pandemic.

“While development has begun to resurge, increasing land scarcity will create challenges in keeping up with demand,” a JLL report states. “Leasing activity has taken off in Broward, with 2021 on track to be the one of the strongest years of the past decade.”

Sebastian Juncadella, an adviser with Fairchild Partners, previously told The Real Deal that South Florida’s industrial market could start to slow down due to a lack of available spaces and developable land for sale.

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IndustrialSouth Florida Industrial Market