Douglas Mandel, Adam Klein Negotiate Sale Of Pompano Beach Industrial Facility

Aug 15, 2019 No Comments by

Marcus & Millichap Senior Managing Director and Institutional Property Advisors (IPA) senior director Douglas K. Mandel, along with Marcus & Millichap Associate Adam Klein, represented the Seller, Pompano 16 Lane LLC, in the sale of Pompano Beach Industrial.

Pompano Beach Industrial is comprised of two small-bay industrial buildings totaling 21,000 square feet located just north of

Mandel+Partners Douglas Mandel & Adam Klein

West Copans Road, about a half-mile west of Interstate 95, and only two miles from two separate entrances to the Florida Turnpike at 2420 & 2430 Northwest 16th Lane in Pompano Beach, Florida.

2420 Florida Property LPpurchased the property for $2,350,000. The deal closed August 9.

 

“The seller bought the property vacant in 2015 with plans to implement a value-add strategy” explained Klein. “After renovating the property and leasing all of the vacancies, the Seller saw an opportunity to exit the asset and take advantage of the strong market conditions for small-bay warehouses, specifically within the Pompano Beach submarket. The Buyer was looking to grow their industrial footprint in Broward County and believes there is significant upside in rents based on the central location of these properties and the declining vacancy rates in the submarket.”

 

“The sale amounts to a high watermark in terms of price per square foot, for comparable small-bay industrial assets in the submarket,” added Mandel. “Pompano Beach Industrial traded for $112 per square foot versus the market average of under $100 per square foot.”

Pompano Beach Industrial

The 1978-built asset, which was renovated in 2015 with new hurricane windows and doors, features 7 industrial bays, including 12 drive-in bay doors. Pompano Beach Industrial is one of the few industrial buildings in the vicinity where both auto mechanics and marble fabricators are allowed, creating limited competition by surrounding properties.

Mandel + Partners experienced an extremely active 2018, closing more than $300 million, for total sales in excess of $2 billion.

 

 

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Broward County Industrial / Flex, Industrial / Flex, Industry News
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