Elion Partners buys Pompano Beach industrial building for $15M
Seller is tied to United Sheet Metal, which partly occupies the warehouse
Elion Partners is continuing its industrial real estate shopping spree, paying $15.3 million for a Pompano Beach warehouse.
North Miami Beach-based Elion bought the property at 1121 Northwest 31st Avenue from an entity led by Richard Applegate of Pompano Beach-based United Sheet Metal, according to public records. The buyer took out an $8.8 million loan from City National Bank of Florida.
Jose Sasson and Roberto Susi of Axiom Capital Advisors represented the buyer. Jordan Beck of Berger Commercial Realty represented the seller.
The 63,000-square-foot building was completed in 1989 on a 3.5-acre lot, according to property records. The seller paid $3.3 million for the building in 2009.
The property is 72.9 percent leased, as Loopnet shows 17,075 square feet of space is available.
United Sheet Metal, which also has a Jackson, Mississippi, location, has a facility at the building, according to the company’s website. Applegate oversees United Sheet’s Florida operation.
In April, Elion bought another Broward County industrial property, paying $14.9 million for a pair of warehouses at 3000 and 3060 Southwest Second Avenue in Fort Lauderdale. http://therealdeal.com/miami/tag/elion-partners/
Elion is led by managing partners Jack Azout, Sylvain Argy, Juan DeAngulo and Shlomo Khoudari, according to the company’s website.
The South Florida industrial market has prospered, with low vacancies and increasing rents, as demand has outpaced supply. In the first quarter, the Broward vacancy rate dropped to 4.2 percent from 7.9 percent during the same period last year, according to a JLL report. Asking rents rose to $11.19 a square foot, year-over-year, from $8.58 per square foot.
The strong market has fueled investor appetite. In January, Bridge Industrial bought the three-building Pompano Beach Commerce Park at 1543, 1541 and 1551-1571 North Powerline Road for $46.3 million.
Farther north, in Jupiter, Woodmont Industrial Partners paid $21 million in May for the recently completed warehouse at 15501 Park of Commerce Boulevard.