Stockbridge Capital Group Acquired the 24-Building Small-Bay Industrial Park from Industrial Development Company
POMPANO BEACH, FL, January 17, 2019 — Cushman & Wakefield has negotiated the sale and financing of Powerline Business Park, a 443,720-square-foot small-bay industrial park in Broward County.
The Cushman & Wakefield Capital Markets team of Mike Davis, Scott O’Donnell, Rick Brugge, Michael Lerner, Dominic Montazemi and Greg Miller represented Pompano Beach-based Industrial Development Company in the disposition. San Francisco-based Stockbridge Capital Group acquired the asset for $62.25 million ($140 per square foot).
Jason Hochman of Cushman and Wakefield’s Equity, Debt and Structured Finance Group, assisted Stockbridge Capital Group in securing a $31.125 million low fixed rate acquisition loan from State Farm Insurance Company.
“This exceptional infill investment property garnered strong interest from institutional as well as private investors seeking strong cash flow with upside potential,” said Davis.
Powerline Business Park comprises 24 small-bay industrial buildings developed between 1983 and 1994. The campus is located on a ±26.4-acre site at 4100 Powerline Road in Pompano Beach.
“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,” said O’Donnell.
The property features dock-high truck loading and grade-level, overhead 12-foot x 14-foot doors; air-conditioned office space; clear heights ranging from 16 to 20 feet; electric roof ventilators in shop areas; ample illuminated parking; city-served water and sewer; heavy duty three-phase electrical service to each bay; skylights and professional landscaping and exterior maintenance. Select buildings have lake views or frontage on Powerline Road. The park was 96.8% occupied at the time of sale. Notable tenants include First World Imports, CMC Bakery and Bernoti Corp.
Powerline Business Park’s location just north of Sample Road in Broward County provides easy access to Interstate 95 and Florida’s Turnpike as well as Fort Lauderdale-Hollywood International Airport, Palm Beach International Airport, Miami International Airport, Port Everglades, PortMiami and Port of Palm Beach.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
Communications Specialist, Florida