Northbridge Partners bought an industrial campus for $81.5 million, marking a major investment in Broward County as the market softens.
Wakefield, Massachusetts-based Northbridge bought the 359,500-square-foot Elevate Broward at 3435-3699 Northwest 19th Street and 1814-1896 Northwest 38th Avenue from Birmingham, Alabama-based Harbert Management, according to records and real estate database Vizzda. The deal breaks down to nearly $227 per square foot.
Elevate Broward consists of 11 one-story contiguous buildings completed in 1973, 1977 and 1978 on a17-acres site, Vizzda records show. Harbert Management, led by CEO Travis Pritchett, had paid $65.8 million in two deals in 2023, according to records.
The campus is 82 percent leased, according to Native Realty, which leases Elevate Broward.
Northbridge –– led by managing partners Greg Lauze, Dean Atkins and David Aisner –– has more than $3 billion of assets under management spanning 12.5 million square feet in 12 states, according to its website.
It’s been beefing up its South Florida holdings in recent years. In April, Northbridge paid $22.3 million for a showroom and warehouse leased to Floor & Décor in Coral Springs.
The firm also bought the three-building Powerline Commerce Park at 1250 South Powerline Road in Deerfield Beach in 2024 for $18.1 million.
Broward’s industrial market is experiencing moderation partly due to hefty construction. The vacancy rate hit 6.8 percent in the fourth quarter, higher than the 6.4 percent in the third quarter and the 5.1 percent in the fourth quarter of 2024, according to Colliers.
The county experienced seven quarters of negative absorption, recording a 1.5 million-square-foot negative absorption last year, the report shows. This tempering comes as 621,000 square feet were finished in the fourth quarter, with another 506,000 square feet under construction.
Landlords remained confident in Broward, raising rents to $17.21 a foot in the fourth quarter, up from $17.04 in the third quarter, according to Colliers.
Investors are charging ahead with industrial purchases in the area.
Boca Raton-based IP Capital Partners recently launched its second Southeast U.S. fund, targeting a $250 million raise and capping it at $300 million. It’s focused on small and mid-sized properties often overlooked by institutional investors.
Dallas-based Dalfen Industrial and Goldman Sachs sold the Turnpike Logistics Center at 1673 and 1715 Meathe Drive in unincorporated Palm Beach County last month for $79.6 million. It notched a 31.4 percent gain in the deal.
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