Cushman & Wakefield announced today that it has negotiated the sale of Pompano Distribution Center I, a 202,210-square-foot Class A distribution warehouse located at 3901 NE 12th Avenue.
The Capital Markets brokerage team of Executive Director Mike Davis, Senior Director Rick Brugge, Senior Director Michael Lerner and Executive Director Richard F. Etner of the South Florida Industrial Team represented Atlanta-based developer Robinson Weeks Partners in the disposition.
A member company of Zurich North America (Zurich), advised by Zurich Alternative Asset Management LLC (ZAAM), its alternative investment adviser, purchased the asset for $23.6 million ($117 per square foot). The ZAAM team was led by Roy Rosenbaum, Director of Acquisitions, and Sean Bannon, Managing Director and Head of U.S. Real Estate.
Pompano Distribution Center I is a state-of-the-art, rear-load distribution center built in 2014. It features 32-foot clear heights, 125-foot truck courts with 60-foot concrete aprons, ±42-foot by 40-foot column spacing, ESFR sprinklers, T–5 lighting and excess trailer storage.
Pompano Distribution Center I was 100 percent leased at the time of sale. Tenants include Restoration Hardware, Sunbelt Marketing and RWC, Inc.
“Investors showed tremendous interest in Pompano Distribution Center I,” said Davis. “South Florida is one of the top three industrial investment markets in the U.S., along with Northern New Jersey and Southern California. Many saw this as a gateway market investment opportunity.”
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