Deerfield Beach Warehouse Portfolio Trades For $314 PSF

A four-building industrial park in Deerfield Beach has sold for $77.55 million, marking a major gain from its prior sale and highlighting the long-term appreciation industrial assets have seen in Broward County.

Brookfield Properties, through BPREP Deerfield Park LLC, sold the 247,079-square-foot portfolio at 674-772 S. Military Trail to LLF Deerfield LLC, an entity tied to Dallas-based Lincoln Capital Advisors. Financing for the acquisition included a $52.28 million mortgage from WSCO V Core Lender, an affiliate of Walton Street Capital.

The purchase price equates to about $314 per square foot for the four warehouses, which sit on 14.7 acres near a Publix distribution facility. The buildings were completed in 1984.

The deal is notable not just for its size, but for the jump in value since the property last sold in 2019 for $36.3 million. That increase points to the strong run-up industrial real estate experienced in South Florida over the past several years, particularly as demand for warehouse and distribution space pushed pricing higher.

At the same time, the latest market data suggests Broward’s industrial sector may be settling into a more balanced phase. First-quarter figures from Colliers showed warehouse vacancy in the county rose to 7.2 percent from 5.8 percent a year earlier, while average asking rents were essentially flat at $17.23 per square foot.

Even with those shifts, the Deerfield Beach sale shows investors are still willing to pay a premium for well-located industrial product in established Broward submarkets. CBRE National Partners represented the seller in the transaction.