CBRE’s Genet, O’Loughlin & Zebede Sell Pompano Land Site

Industrial Outdoor Ventures (IOV) has purchased a 4.03-acre industrial-zoned site located at 1801 NW 15 Avenue in Pompano Beach.

CBRE Senior Vice President Larry Genet, Executive Vice President Tom O’Loughlin and Senior Associate Jake Zebede negotiated the sale.

The transaction closed August 10.

The site is DRC approved for a state-of-the-art, 97-stall truck parking lot featuring a 53’ semi turning radius. The fully-secured and fenced site features an office/guard house, restrooms, showers and is located within a 60-minute drive to 5,421,968 permanent South Florida residents. The property is 1.5 miles in each direction for the Florida Turnpike and Interstate 95 centrally located between Palm Beach and Miami-Dade Counties.

“There has been a lack of new development for truck parking facilities going back many years,” explained Genet. “The older facilities don’t feature bathrooms, showers, security and other modern amenities. Our team has been selling and leasing low coverage sites in South Florida for over a decade. We understand this business very well and look forward to executing our leasing business plan with IOV.”  

 

“We’re excited to continue acquiring throughout South Florida,” said IOV’s Vice President Eric Johnson.  “In such a land-constrained market, heavily zoned sites are extremely difficult to come by. On top of that, the growing truck parking shortage in Broward and Dade Counties allow our secured yard to be a major solution provider.”

Construction will commence in the next few weeks with a completion date set for October 2021. The CBRE leasing team has already started taking inquiries from leading logistics companies and looks forward to quickly leasing the site.

No other broker was involved in the transaction.