Prologis sells Pompano Business Park for $239M in record deal
Deal part of $1B, 5M sf nationwide portfolio sale
Equus Capital Partners bought the Pompano Business Park for $239.2 million, a record deal that surpasses the biggest industrial sale of 2021.
The deal is part of Equus Capital Partners’ purchase of a 5.4 million-square-foot nationwide portfolio for a reported $930 million from industry giant Prologis.
In the Pompano Beach deal, Newtown Square, Pennsylvania-based Equus Capital bought 1.03 million square feet of warehouses on the southwest corner of North Powerline and West Sample roads from San Francisco-based Prologis, according to deed and property records.
Equus Capital’s buying affiliate scored a $183 million loan for the purchase from Morgan Stanley Mortgage Capital Holdings.
The properties are at 2201, 2250, 2280 and 2301 Northwest 30th Place; 3000, 3001, and 3012 Northwest 25th Avenue; 1400 and 1405 Northwest Sixth Court; 551 and 601 Southwest 13th Terrace; 650 Southwest 16th Terrace; 1501 and 1510 Southwest Fifth Court; 6501 Northwest 12th Avenue; and 1400 Northwest 65th Place.
The industrial complex, which spans more than 50 acres, was built in the 1980s and 1990s, property records show. Prologis assembled the warehouses from 2010 to 2012 for $31 million.
The entire nationwide portfolio that Equus Capital purchased spans 75 buildings in the Sun Belt and East Coast that are 98 percent leased to 250 tenants in e-commerce, logistics, manufacturing and other industrial fields, according to media reports.
Properties included in the deal are in Houston, Dallas and Atlanta, as well as Richmond, Virginia; Greenville, South Carolina; and the Baltimore-Washington corridor.
Equus Capital, led by CEO and President Daniel DiLella, is a real estate investment manager that has bought and developed industrial, office, multifamily and retail properties, according to its website. The firm was established in 1980.
Prologis, led by Hamid Moghadam, is a prolific logistics real estate investor and one of the biggest industrial property builders in Miami-Dade County. Its Beacon Lakes business park spans 436 acres in the northwest part of the county. In May, Prologis applied for approval to add two 164,435-square-foot facilities at the park.
The South Florida industrial market continues its upward trajectory, with landlords raising rents to new highs.
In 2021, the average asking rent in Broward County increased roughly $1, year-over-year, according to a JLL report.