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 of Vice Chairman Mike Davis, Executive Directors Scott O’Donnell, Rick Brugge and Michael Lerner, Managing Director Dominic Montazemiand Senior Associate Greg Miller represented the seller. Senior Director Jason Hochman of Cushman and Wakefield’s Equity, Debt and Structured Finance Group secured the low fixed-rate loan. Earlier this month, members of the same team negotiated the $12 million sale of a five-building industrial portfolio in West Palm Beach and Riviera Beach on behalf of The Silverman Group.
“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,” Scott O’Donnell said in a prepared statement.
Source: Commercial Property Executive