Posted on January 22, 2019 · Posted in Industrial / Flex, Investments

Stockbridge Capital Group has acquired Powerline Business Park, an industrial park in Pompano Beach, for $62.3 million.

Cushman & Wakefield negotiated the deal on behalf of the seller, Industrial Development Co., as well as arranged $31.1 million in acquisition financing through State Farm Insurance Co., for the buyer.

Located at 4100 Powerline Road, the property comprises 443,720 square feet spread across 24 small-bay buildings. The assets were constructed on a 26.4-acre site between 1983 and 1994.

Powerline Business Park offers features including dock-high truck loading and grade-level, air-conditioned office space, electric roof ventilators in shop areas, city-served water and sewer, skylights, overhead 12- by 14-foot doors, 16- to 20-foot clear heights, illuminated parking, heavy duty three-phase electrical service to each bay and professional landscaping and exterior maintenance. Major tenants at the 96.8 percent-occupied park include First World Imports, Bernoti Corp. and CMC Bakery.

The buildings provide convenient access to Interstate 95, Florida’s Turnpike, Fort Lauderdale-Hollywood International Airport, Palm Beach International Airport, Miami International Airport, Port Everglades, PortMiami and Port of Palm Beach.

The Cushman & Wakefield Capital Markets team represented the seller.

“The South Florida industrial market remains a target for investors with demand driven by the exceptional performance of existing assets, the scarcity of for-sale product and limited development opportunities,” CBRE’s Scott O’Donnell said in a prepared statement.

 

Source: Commercial Property Executive

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