Deerfield Beach Warehouses Sold For $72 Million
A group of 14 small-bay warehouses in Powerline Business Park in Deerfield Beach sold for $72.3 million.
Gateway Powerline BP LLC, care of San Francisco Stockbridge Capital Group and the Los Angeles County Employees Retirement Association, sold the combined 416,936 square feet of warehouses at 4100 N. Powerline Road and 1791 W. Sample Road to Redhawk FL LLC, care of New York-based Investcorp International Realty in partnership with Brennan Investment Group. Metlife Real Estate Lending provided the buyer with a $76.64 million mortgage, which also covered properties in other states. Property data firm Vizzda confirmed the buyer and seller information.
The price equated to $173 per square foot.
The deal was brokered by Cushman & Wakefield’s Jim Carpenter, Will Strong, Kirk Kuller, Michael Matchett, Molly Hunt, Mike Davis, Rick Brugge, Rick Colon, Dominic Montazemi, Jeff Chiate, Rick Ellison, Matthew Leupold, Robert Buckley, Tracey Cartledge, Scott Prosser, Steve Hermann and Jack Depuy. This team also brokered the sale of Montbello Industrial in Denver between the same parties.
It last traded for $62.25 million in 2019.
The industrial buildings were developed on the 26.4-acre site from 1983 to 1984. The site is just north of Sample Road.
Source: SFBJ
