Berkeley Partners Acquires FL Industrial Portfolio
- Oct 11, 2018
Berkeley Partners has acquired Park Central Business Park, a three-building industrial portfolio within the Park Central Business Park campus in Pompano Beach, Fla., for $15 million. Institutional Property Advisors, a division of Marcus & Millichap, arranged the deal on behalf of the seller. The purchase marks Berkeley’s third in the market this year.
“South Florida represents an attractive opportunity to acquire small industrial assets, given the very low vacancy rates and healthy demand,” said Matt Novak, partner at Berkeley Partners, in prepared remarks.
The portfolio comprises 114,391 square feet, with clear heights ranging from 16 to 28 feet. The Business Park is located between Sample and Copans Roads, within close proximity to Interstate 95, the Florida Turnpike and Fort Lauderdale Executive Airport.
“The portfolio’s 100 percent occupancy and balanced tenant base provide new ownership with a stable income stream,” said Douglas Mandel, senior managing director at IPA, in a prepared statement. “Given the limited supply of small industrial units and ongoing demand, we expect continued long-term rent growth in the Pompano Beach submarket.”
Mandel, along with Associate Tyler Kuhlman, represented the seller in the transaction. In February, Mandel was part of the IPA team that represented Gramercy Property Trust in the $43.2 million disposition of a two-building office portfolio at Jacaranda Park of Commerce, located in Plantation, Fla.
Image courtesy of Institutional Property Advisors