Tag Archive for: broward warehouse portfolio sale

Stack of one hundred dollar bills close-up.

Equus Capital PartnersĀ dropped $239.2 million for warehouse complexes across Broward County, surpassing 2021ā€™s largest industrial deal in South Florida.

The propertiesĀ include 16 warehouses, spanning 23 acres in total. The majority of the warehouses are located in Pompano Beach along SW 5th and 6th Court as well as five miles away along NW 30th Place. Only three are in Fort Lauderdale.

Equusā€™ purchase approximates to $240 a square foot, according to property records.

The deal appears to be tied toĀ Equusā€™ $900 million purchaseĀ of a 5.4 million-square-foot industrial portfolio across the Sun Belt and East Coast from warehouse giantĀ PrologisĀ earlier this week.

Equus nabbed a combined $483 million in financing fromĀ Morgan Stanley, according to property records. But itā€™s unclear whether the loans are tied to the Broward County purchase only or the portfolio acquisition since the actual mortgage documents are not publicly available.

Representatives for Prologis and Equus did not immediately respond to a request for comment.

The sale is yet another sign of South Floridaā€™s sizzling industrial market thanks to strong leasing demand. Net absorption rose to 10.3 million square feet in 2021, more than doubling the square feet absorbed the year prior, according to data compiled byĀ Newmark. In the last quarter, the vacancy rate dropped by 0.4 percentage points to 3.4 percent, while asking rents grew by $0.39 to $10.14 a foot.

The complex ended up in Prologisā€™ hands also through a portfolio deal. In 2020, the San Francisco-based companyĀ paid $13 billionĀ forĀ Liberty Property Trust, the previous owner of the properties, which were completed in 1991.

The Broward County sale is not only the biggest South Florida industrial sale of 2022 so far in gross terms, but also topsĀ 2021ā€™s highest saleĀ by $56 million, according toĀ The Real Dealā€™s tally. In last yearā€™s top industrial deal,Ā CenterPoint bought a Hialeah park for $184 million.

 

Source: Commercial Observer