Berkadia Arranges $15.56M Refinancing Of Industrial Asset In Pompano Beach
The property is currently 100% occupied by two tenants.
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The property is currently 100% occupied by two tenants.
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JLL Capital Markets’ Debt Advisory team representing the borrower was led by Managing Director Max La Cava, Associate Justin Ratcliffe and Analyst Abbie Kushner.
The purchase price works out to roughly $308 per square foot.
The property is anchored by two charter schools, which comprised approximately 86% of the leased space at the time of sale.
The property was originally brought to market as a lease opportunity, with ownership having no initial plans to sell. However, within days of the property signage being installed, multiple prospective tenants expressed interest in purchasing the site rather than leasing it.
Transwestern’s Carlos Gaviria and Walter Byrd represented the owner, Link Logistics, in the transactions, which range from 27,086 to 61,724 square feet.
Cushman & Wakefield’s Scott O’Donnell, Mike Ciadella, Greg Miller and Miguel Alcivar structured this transaction “off market.”
Acquired at 55% replacement cost, the Broward Logistics Portfolio is currently 83% leased to nine tenants.
CBRE’s Robert Smith and Kirk Nelson represented the buyer, SL Acquisitions LLC, a Silverman Group Company, in the transaction and will handle leasing efforts under the new ownership.
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