First Industrial Realty Trust just paid $8.7 million for a 8.4-acre industrial site just off I-95 in Pompano Beach.
The Chicago-based industrial REIT purchased two properties for $24 per square foot at 1200 and 1272 Northwest 15th Street in Pompano Beach. A 46,690 square foot metal building sits on the 1200 Northwest 15th Street parcel.
First Industrial Realty Trust bought the properties from HS-Pompano FL, which is managed by Peter Alevizos.
CBRE’s Larry Genet, Tom O’Loughlin, Robert Smith, Jeff Kelly and Kirk Nelson negotiated a sale on behalf of HS-Pompano FL.
Genet said in a statement that the site received eight offers. The property could be redeveloped in the future as warehouses, according to a press release.
In April of 2004, HS-Pompano FL LLC purchased a portfolio of properties from CBRE, including the recently sold properties.
First Industrial Realty Trust owns and has under development about 64.7 million square feet of industrial space.
South Florida’s industrial market is one of its best performing asset classes due to the scarcity of land and high demand attributed in part to e-commerce. In Broward County, vacancy rates were 3.9 percent in the third quarter of 2018, according to a report by Colliers International South Florida. Warehouse and distribution rental rates averaged $8.04 per square foot.