Investcorp scooped up the Powerline Business Park industrial complex in Deerfield Beach for $72.3 million.
The Bahrain-based firm bought 14 one-story buildings at 4100 North Powerline Road from the Los Angeles County Employees Retirement Association, according to records and real estate database Vizzda. The buyer took out a $76.6 million loan from MetLife Investment Management.
The buildings were completed at various times from 1983 to 1993 and span 25.4 acres, Vizzda records show. The purchase includes a 20.2-acre lake.
Los Angeles County Employees Retirement Association, or LACERA, had paid $62.3 million for the buildings in 2019, records show. Led by Santos Kreimann and Luis Lugo, the pension fund serves L.A. County and other districts, according to its website.
Investcorp is a global alternative investment manager with six lines of business, including private equity, real estate, infrastructure and credit management, according to its website. The firm had more than $50 billion of assets under management as of 2022. Investcorp is led by
Rishi Kapoor and Hazem Ben-Gacem. (Kapoor is a different person than the embattled former Location Ventures developer.)
Investcorp’s previous South Florida investments focused on the multifamily market. In 2021, it sold the University Housing student rental complex at 135 Northwest 20th Street in Boca Raton for $80 million. Investcorp had paid $70 million for the property near Florida Atlantic University in 2019.
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South Florida
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