Tag Archive for: powerline business park purchase

Stockbridge Capital Group has acquired Powerline Business Park, an industrial park in Pompano Beach,Ā 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, Floridaā€™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 of Vice ChairmanĀ Mike Davis, Executive Directors Scott Oā€™Donnell,Ā Rick Brugge andĀ Michael Lerner, Managing DirectorĀ Dominic Montazemiand Senior Associate Greg MillerĀ represented the seller. Senior Director Jason Hochman of Cushman and Wakefieldā€™s Equity, Debt and Structured Finance Group secured the low fixed-rate loan. Earlier this month, members of the same teamĀ negotiated the $12 million sale of aĀ five-building industrial portfolioĀ in West Palm Beach and Riviera BeachĀ on behalf of The Silverman Group.

ā€œThe 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,ā€ Scott Oā€™DonnellĀ said in a prepared statement.

 

Source: Commercial Property Executive