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