Developer Secures Construction Loan For South Florida Warehouse

In response to high demand for distribution space in southwestern Broward County, Summit Real Estate Group has obtained a $31.3 million construction loan to develop a distribution center in western Pembroke Pines.

The loan, provided by Central Trust Bank of St. Louis—a branch of The Central Trust Bank—is secured by the property located at 20421 Sheridan Street. This site is designated for a 280,000-square-foot distribution center. Summit Realty acquired the vacant land for $20 million in 2023, as recorded in property documents.

A report from Avison Young reveals that the industrial vacancy rate in Southwest Broward is currently only 2.1%, with an average rental rate of $15.72 per square foot. Demonstrating the strong demand for warehouse space in Broward County, Blackstone’s affiliate, Link Logistics, purchased an industrial property in Deerfield Beach last year for $162 million.

 

Source:  Commercial Observer