Warehouse developer IDI Logistics cashed out of a newly built Pompano Beach distribution center for $25.5 million.
The Atlanta-based real estate investment trust sold the 134,000-square-foot building at 3001 West Copans Road to an affiliate of Morgan Stanley’s real estate investing arm, according to records and deal data provider Vizzda.
The deal for the warehouse, which was completed in 2020 across 11.3 acres, breaks down to $191 per square foot.
Led by Mark Saturno, IDI Logistics has 63 million square feet of assets under management, according to its website. It has been developing and trading industrial real estate in South Florida for years.
In 2019, the firm sold a portfolio of five fully leased warehouses in Miramar at 11600, 11650 and 11740 Miramar Parkway, as well as at 15701 Southwest 29th Street and 2501 160th Avenue, for $116.5 million.
IDI’s other ventures in Pompano Beach include the redevelopment of the Festival Flea Market Mall on the southeast corner of the Florida Turnpike and Sample Road into an industrial complex. IDI undertook the project in partnership with North Miami-based IMC Equity, and the pair scored city commission zoning approval in June.
The deal comes as South Florida’s industrial market continues to prosper from tenant demand that has shown no signs of slowing.
Broward County’s asking rents hit $12.89 per square foot in the third quarter, up from $9.70 a foot during the same period of last year, according to JLL. The vacancy rate, meanwhile, dropped to 3.3 percent from 6.5 percent in the third quarter of last year.
In other Pompano industrial deals this year, Chicago-based First Industrial Realty Trust scooped up a manufacturing building at 1801 North Andrews Avenue for $25 million in June.