Cushman & Wakefield Represents Harbert Management Corporation In $81M Sale Of Broward Industrial Portfolio

Cushman & Wakefield advised Harbert Management Corporation (“HMC”) in the $81 million sale of the Elevate Broward small-bay industrial portfolio, comprising 11 buildings in Lauderdale Lakes and Lauderhill. The sale price equates to approximately $227 per square foot.

Cushman & Wakefield’s Dominic Montazemi, Mike Davis, Greg Miller, Rick Brugge and Rick Colon represented HMC in its transaction with buyer NorthBridge Partners, represented by Greg Lauze.

HMC owned the portfolio and engaged Last Mile Holdings (LMH), a Florida-based real estate operating firm focused on small-bay industrial assets, to assist with operations and business plan execution. Led by managing partners Daniel Abrahams, Oniel Samuel, and Shai Moschotwits, LMH partnered closely with HMC to acquire, reposition and optimize the Elevate Broward portfolio.

Together, the parties executed a comprehensive strategy that included a $2.3 million renovation in 2024, aggressive leasing initiatives and hands-on operational management, which drove strong occupancy growth, tenant retention, and significant value creation throughout the hold period.

The Elevate Broward portfolio totals 354,336 square feet and includes eight buildings at 3435-3699 NW 19th St. in Lauderdale Lakes and three buildings at 3311 and 1842-1896 NW 38th Ave. in Lauderhill. Originally constructed between 1979 and 1984, the assets benefited from targeted capital improvements and active management during the hold period.

Leased to over 100 tenants, the portfolio is strategically positioned in the center of Broward County within a severely supply-constrained industrial market. Its diverse unit mix—ranging from sub-1,000-square-foot suites to 5,000+ square-foot shallow-bay warehouses—caters directly to the core demand profile of Broward’s tenant base. This incubator-style environment has supported tenant retention and organic growth within the project.

The portfolio’s central location delivers strong logistical advantages, with the Florida Turnpike and Interstate 95 both within a 10-minute drive.

“Broward County continues to be one of the most dynamic industrial markets in the United States, with no meaningful new small-bay supply delivered since 2021, vacancy hovering at just 3.7%, and rents setting record highs for five consecutive quarters,” said Montazemi, Executive Managing Director at Cushman & Wakefield. “South Florida’s land constraints severely limit future development, making Elevate Broward an exceptional opportunity to acquire a high-quality, infill industrial portfolio well below replacement cost in one of the nation’s strongest rental growth markets.”

 

“We have long believed in the enduring strength and potential of the South Florida industrial market, driven by persistent demand for last-mile and small-bay space in this supply constrained region,” said Samuel, Managing Partner at Last Mile Holdings. “Elevate Broward was a strong example of that opportunity, and we appreciated the opportunity to partner with Harbert in supporting the portfolio’s operations and business plan execution.”