Tuesday, March 17, 2015

C&W Brokers Sale of Powerline Business Center Flex Space in Pompano Beach, FL

2939--2999 North Powerline Road
in Powerline Business Center
Pompano Beach, FL

Rick Etner

 POMPANO BEACH, FL – Cushman & Wakefield today announced that it has completed the sale of a 55,576-square-foot flex facility located at 2939–2999 North Powerline Road in Powerline Business Center.

Executive Director Rick Etner, Executive Director Chris Metzger, and Senior Director Christopher Thomson represented Bigfoot Properties, Inc. in the sale of the building to Friedkin-Medley, KKC. OREXCO served as Qualified Intermediary (QI) in the Section 1031 exchange, which was valued at $3,350,000.

Christoopher Metzger
2939–2999 North Powerline Road was built in 1993 and renovated in 2013. It sits on 3.28 acres and is zoned B–4 (Heavy Business).

 The building features 24’ clear ceiling heights, 124 parking spaces and excellent visibility on North Powerline Road. At the time of sale, the facility was 93 percent occupied.

“This transaction is further evidence that the North Broward submarket remains strong,” said Etner.

Cushman & Wakefield’s own research confirms this sentiment.

“The demand for Broward industrial product continues to outpace supply, compressing cap rates and pushing pricing on what little product becomes available,” reads Cushman & Wakefield’s Q4 2014 Broward County Industrial Marketbeat.

Christopher Thomson
“The region has all of the right assets economically to meet the growing needs of industrial users emerging in the U.S. As a result, demand, positive market fundaments and new developments are only expected to continue.”

“Investors in this market don’t just have an appetite for Class A, institutional, distribution buildings,” explained Etner.

“They also want flex space. Flex space can accommodate thriving retail industries – such as carpet, tile, and cabinet shops – which desire a warehouse component, good central distribution characteristics, and retail walk-up frontage to help boost their business.”

For a complete copy of the company’s news release, please contact:

Richard. F. Etner, Jr., SIOR
Executive Director
(954) 771-0800

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