Industrial Portfolio Trades For $162 Million

Cushman & Wakefield arranged the sale of Quiet Waters Business Park, a Class A infill industrial portfolio consisting of seven buildings and totaling 677,789 square feet in Deerfield Beach.

The portfolio sold for $162 million, equating to approximately $239 per square foot.

Cushman & Wakefield’s Mike Davis, Dominic Montazemi, Rick Brugge, Rick Colon, and Greg Miller, with support from Cassandra Hernandez and Chloe Strada, represented the seller, PGIM Real Estate, in the transaction. Matthew McAllister, Christopher Thomson, Chris Metzger, and Rick Etner of Cushman & Wakefield’s South Florida Industrial Team also supported the sale process and will represent the buyer, Blackstone-affiliate Link Logistics in leasing at the property.

“This Class A Portfolio with its superior location and qualitative features garnered tremendous institutional investor interest,” said Davis, Executive Vice Chair at Cushman & Wakefield.

Quiet Waters Business Park’s seven buildings are spread across 710-750 S Powerline Rd. and 3155-3161 SW 10th St. The portfolio is home to 30 tenants and offers substantial amenities such as a wide range of bay sizes with dock-high and grade-level loading, proximity to a myriad of retail options at Deerfield Mall, and a value-add infill location within South Florida’s fast-growing industrial market.

“The portfolio and its irreplaceable location in the Deerfield Beach submarket will soon be enhanced by the FDOT’s planned expansion of SW 10^th Street, which will provide more seamless connectivity to connectivity to I-95, Sawgrass Expressway, and the Florida Turnpike,” added Montazemi, Executive Managing Director.