Chicago Investor Pays $43M For 226K-SF Warehouse In Weston

CBRE has arranged the sale of 1600 North Park Drive, a 226,392-sq.-ft. distribution center in Weston.

The property was acquired by Chicago-based Walton Street Capital for $43.75 million. It was 54% leased at the time of sale.

José Lobón, Trey Barry, Frank Fallon, Royce Rose, George Fallon, Gabriel Braun and Daniel Sarmiento with CBRE National Partners, represented the seller, Manova Partners, in the transaction.

Located within Broward County, the cross-dock facility was built in 1994 and sits on a 12.9-acre site. It features efficient industrial and office space with multiple types of docking equipment including door canopies, dock bumpers and levers. The property also comprises 11 trailer stalls, two drive-in doors, 46 dock-high doors, and 226 car parking spaces. It’s situated in a prime location near Interstates 75, 595, and 869.

“The sale of 1600 North Park Drive underscores the strength of the Broward County industrial market, which continues to attract substantial investment,” said Lobón, a Vice Chairman at CBRE. “New ownership has the opportunity to realize significant value in leasing the remainder of the property.”

The Broward County industrial market ended 2024 with 172,000 square feet of positive net absorption, marking more than a decade of consecutive annual positive net absorption, according to CBRE Research. The market’s overall vacancy rate sits at 4.5%, the lowest in Florida. Rents increased by 3.0% over the past year, and with more than 1.0 million square feet of new developments scheduled for completion by 2025, rents are projected to sustain their upward momentum.