Broward County’s industrial real estate market is experiencing a surge in activity, with several significant properties changing hands for substantial sums. These transactions highlight the continued demand for well-located industrial assets in South Florida, attracting both local and out-of-state investors.
Key Takeaways
- Multiple industrial campuses and portfolios in Broward County have been sold for tens of millions of dollars.
- Buyers are acquiring properties in strategic locations with excellent access to transportation infrastructure.
- The sales reflect strong investor confidence in the high-growth coastal market and its supply-constrained nature.
Major Industrial Campus Sold
Westport Business Park, a three-building light industrial campus totaling 199,731 square feet in Davie, has been sold. JLL Capital Markets represented the seller and procured the buyer, Westport BP LLC, an entity backed by the owners of Arnet Pharmaceutical with support from TD Bank. The fully leased property is strategically situated along Davie Road, offering prime access to major expressways including I-595, Florida’s Turnpike, I-441, I-75, and I-95. Its proximity to Fort Lauderdale-Hollywood International Airport and Port Everglades, both within a 15-minute drive, enhances its logistical appeal.
The campus boasts a diverse tenant base across various sectors, including pharmaceutical, healthcare, aerospace, mechanical engineering, food and beverage, and construction. Luis Castillo of JLL highlighted the rare opportunity to acquire such a versatile, institutional-quality campus in a supply-constrained market, noting the accelerated capital appreciation potential.
Longpoint Ventures Divests Broward Portfolio
Longpoint Ventures has successfully sold a portfolio of three industrial warehouse properties in Broward County for a total of $69.9 million. The buyer in these transactions was MIG Real Estate. Bank of America provided MIG with a significant $69 million mortgage to finance these acquisitions, alongside four other industrial properties in Miami-Dade County.
The largest transaction involved the sale of a 124,227-square-foot warehouse park at 5000 Oakes Road in Davie for $29.9 million. This property, built in 1980, was previously acquired by Longpoint in 2021 for $24.1 million. MIG Real Estate also acquired two warehouses totaling 102,914 square feet at 5101 and 5201 N.W. 108th Avenue in Sunrise for $27.2 million. These Sunrise warehouses, built in 1996, were part of a 2021 purchase by Longpoint for $16.5 million. The final sale in this portfolio was for 47,987 square feet of warehouses at 3571 and 3559 N.W. 53rd Street in Fort Lauderdale, which sold for $12.8 million. These Fort Lauderdale properties, constructed in 1984, were acquired by Longpoint in 2021 for $10.5 million.
MIG Real Estate paid an average of $254 per square foot for the entire Broward portfolio. This acquisition marks MIG Real Estate’s entry into the South Florida market, joining a growing number of out-of-state firms investing in the region’s real estate.
Sources
- JLL arranges the sale of premier Broward County industrial campus, JLL.
- Prologis sells Westport Business Park in Davie to Arnet Pharmaceutical, The Business Journals.
- Longpoint Spins Off Broward Co. Industrial Portfolio for Nearly $70M, Connect CRE.
- Longpoint Ventures sells Davie, Fort Lauderdale, Sunrise warehouses to MIG Real Estate, The Business Journals.
- Longpoint Sells Broward Warehouses For $70M, The Real Deal.