Metzger, Etner, & Groden Ink 101,000 SF Deal

A 202,000-square-foot industrial building is rising in Pompano Beach and half of it is already spoken for.
Restoration Hardware has inked a deal to occupy 101,105 square feet at Pompano Distribution Center.  The project, located at 3901 NE 12th Avenue, is expected to be completed in August, 2013.
The Class A industrial warehouse is being marketed by Cushman and Wakefield’s Chris Metzger, Rick Etner, and Sky Groden for $6.50 NNN per square foot.
“The strength of the South Florida industrial market is reflected by many characteristics; a barrier to entry for new development, completion of the Port Miami’s new tunnel and dredging project and South Florida’s strategic location as the gateway to Latin America and the Caribbean,” said Forrest Robinson, CEO of Weeks Robinson Properties.  “Given the continued low vacancy rates in the Pompano Beach submarket, trending increases in lease rates and the extremely limited amount of new products under construction, we expect to see strong interest in this development. We are delighted to have such a quality tenant as Restoration Hardware to start off this new project.”
The site’s proximity, just East of the I-95 corridor, with less of the traffic congestion issues the West submarket is experiencing, has further enhanced demand for the facility.
The site was purchased for $3 million in July 2012. Wells Fargo gave an $8.1 million construction loan to WR Pompano Industrial, an Atlanta-based company managed by Weeks Robinson Properties, to build the facility.
Jeremy Shapiro, a partner in Miami-based development company Mainstream Investment Realty has partnered with Weeks Robinson on the project as the local developer.