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Northbridge pays $18M for Deerfield Beach industrial complex
Wakefield, Massachusetts-based firm acquired Powerline Commerce Park
NorthBridge Partners acquired a three-building industrial complex in Deerfield Beach for $18.1 million.
An affiliate of Wakefield, Massachusetts-based Northbridge bought Powerline Commerce Park at 1250 South Powerline Road, records and Vizzda show. The 4.5-acre site has 72,919 square feet of industrial space. The park was built in 1989.
The deal breaks down to $248 per square foot.
Mike Davis and Dominic Montazemi led a Cushman & Wakefield team that represented the buyer and the seller, an affiliate of San Francisco-based Bristol Group.
In 2013, Bristol paid $3.9 million for Powerline Commerce Park, records show.
Led by managing partners Greg Lauze and Dean Atkins, NorthBridge is a commercial real estate firm focused on acquiring off-market industrial and logistics properties across the U.S., according to the company’s website.
Recently, NorthBridge and New York-based Park Madison Partners raised $950 million for a fund targeting small to mid-sized warehouse buildings, a press release states.
The northeast Broward industrial submarket, which includes Deerfield Beach, has the lowest vacancy rate and lowest average asking rent in Broward County, according to a first quarter report by Colliers. The vacancy rate in northeast Broward hit 4.4 percent in the first quarter, while four other submarkets experienced vacancy rates between 4.8 percent and 5.7 percent.
In northeast Broward, industrial landlords asked an average of $16.43 per square foot in the first quarter, the Colliers report shows. The second lowest average asking rent was $16.74 per square foot in southwest Broward.
In other recent industrial deals, New York-based Woodhill Real Estate last month paid $26 million for six warehouses in Hialeah. Woodhill partially financed the purchase with a $15 million mortgage from Ameritas Life Insurance Corporation.
Also in March, tie-dye apparel company executives Mordechai and Shlomo Hasson purchased a Coral Springs warehouse for $12.5 million. The duo borrowed $7 million from Davie-based Community Capital Holdings to partially finance the acquisition.