The Butters Realty & Management Industrial Brokerage Team of JC Conte, SIOR, Brian T. Ahearn, CCIM and Thomas J. Hotz sold the brand new, vacant 75,800-square-foot industrial building located at 1840 NW 16th Street in Pompano Beach, just east of Powerline Road and just south of Copans Road.
The property, which is situated on 5.1 acres, sold for $14,610,000, or $193.00 per square foot. The deal closed July 1.
Conte, Ahearn and Hotz represented the interest of CIVFV–FL2W01, LLC, a Cabot Properties, Inc. subsidiary.
Richard Etner and Matthew McAllister of Cushman and Wakefield represented the Buyer in this transaction.
The buyer, whose name was not disclosed, was a long-time tenant at a location at McNab Road in Pompano Beach. The firm wanted to purchase a large Class A industrial building for many years and the timing of the purchase came together well. Over the next few months the buyer will occupy the building for product distribution.
“We are very pleased to have achieved a such a high price for our Seller, said Ahearn, Senior Vice President of Industrial Brokerage at Butters. “Rob Gray, Senior Asset Manager for Cabot, and the entire Cabot Team are exceptionally professional and fantastic to work with.”
The free-standing building features 32’ clear height ceilings, ESFR sprinklers, twenty-four (24) 10‘ X 10’ dock positions, 277/480 volt, 3 Phase, 1,000 Amp electric and 84 parking spots.
Over the past 35 years Cabot has grown into a leading global institutional investment firm with a distinctive focus on logistics’ properties. Cabot was formed in 1986 as the investment advisor affiliate of Cabot, Cabot & Forbes, a national real estate company that built some of the first master planned industrial and business parks in the US. Over the ensuing three decades, the industrial property sector has evolved into global asset classes comprised of high-quality functional buildings that are critical to the flow of goods in all major economies. eCommerce and urban migration are driving demand near world-class cities and creating significant opportunity for well-capitalized investors. Cabot is a leading investor in logistics real estate and is actively seeking opportunities to both acquire and develop properties in major markets across the United States, United Kingdom, Europe and Asia-Pacific.
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