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Bang Energy’s warehouse in Pembroke Pines trades — with a $58M bang
Energy drinks company bought it a year ago for $40.4M
As the South Florida industrial market continues to fizz, the rush to buy property led a Colorado-based investment firm to buy Bang Energy’s Pembroke Pines warehouse with a bang: for $18 million more than its purchase price a year ago.
An entity managed by John Owoc, Vital Pharmaceuticals CEO, and CEO and founder of Bang Energy, sold the warehouse at 20351 Sheridan Street to an entity managed by Denver-based EverWest Advisors LLC for $58 million, records show. The price equates to $234 per square foot.
The deal comes almost exactly one year after Vital Pharmaceuticals bought the 248,770-square-foot warehouse for $40.4 million. Headquartered in nearby Weston, it still owns the adjacent 224,572-square-foot warehouse at 20311 Sheridan Street, records show. Vital Pharmaceuticals bought it in February 2019 for $35 million.
Vital Pharmaceuticals manufactures and distributes sports supplements under the brand name VPX. It’s products also include Redline Power Rush, a seven-hour energy supplement. Vital is the parent of Bang Energy, which Owoc founded in 1993, according to its website. Its products include Bang Energy drinks.
The warehouse is part of the South Florida Distribution Center, a three-building logistics park built in 2020 on 66 acres less than one-half mile from U.S. 27. The site was formerly home to a women’s prison.
EverWest Real Estate Investors, an affiliate of French-based investment management firm Sagard, has $3.8 billion in assets under management, according to its website. It shows that the Pembroke Pines warehouse remains 100 percent leased to the energy drinks manufacturer.
The purchase brings EverWest’s total industrial properties in South Florida to six, with a total square footage of 972,502 square feet.
The sale underscores sustained demand for South Florida industrial properties. The 10 top industrial sales for 2021, according to an analysis by The Real Deal, ranged from $40 million to $184 million, with the largest industrial sale, CenterPoint’s $184 million purchase of warehouses in Hialeah, nearly double 2020’s top sale of $94 million.