Broward County’s commercial real estate market is experiencing a robust period of activity, marked by significant sales, strategic acquisitions, and ongoing development. Investors are actively acquiring industrial and multifamily properties, signaling strong confidence in the region’s economic outlook and its appeal to diverse business needs.
Industrial Sector Sees Major Transactions
Longpoint Ventures recently completed a significant divestment, selling three Broward County warehouse properties to MIG Real Estate Industrial for a total of $69.9 million. This portfolio included a 124,227-square-foot warehouse park in Davie, which sold for $29.9 million, and 102,914 square feet of warehouse space in Sunrise for $27.2 million. Additionally, 47,987 square feet of warehouses in Fort Lauderdale were sold for $12.8 million. Bank of America provided MIG with substantial financing for these acquisitions.
In another key industrial deal, Loci Capital, in partnership with Hersh Equity Group, acquired a six-building, 230,000-square-foot small-bay industrial portfolio in West Park. This strategically located portfolio, featuring 116 suites, caters to the growing demand from small, service-oriented businesses. The partners plan a five-year business plan focused on rent optimization and property enhancements, supported by attractive seller-provided financing.
Multifamily Market Activity
The multifamily sector is also witnessing considerable investment. Marcus & Millichap facilitated the sale of the Sunrise Portfolio, comprising four multifamily properties totaling 184 units in Sunrise, Florida, for $32.28 million. The portfolio, which includes a rare concentration of three-bedroom units, was acquired by Category Five Real Estate LLC, with plans for a value-add program.
Furthermore, Marcus & Millichap brokered the $9.5 million sale of Somerset Lakes Condos, a 68-unit condominium community in Lauderdale Lakes. This transaction highlights the ongoing demand for value-add opportunities in South Florida’s multifamily market, with the buyer recognizing the potential for repositioning the property amidst strong rental demand.
Key Takeaways
- Broward County’s commercial real estate market is active across industrial and multifamily sectors.
- Significant transactions include large industrial portfolio sales and strategic multifamily acquisitions.
- Investors are focused on value-add strategies and capitalizing on strong regional demand.
- Financing plays a crucial role, with both institutional and seller financing supporting deals.
Sources
- Longpoint Spins Off Broward Co. Industrial Portfolio for Nearly $70M, Connect CRE.
- Loci Capital, Hersh Equity Group acquire small-bay industrial portfolio in Broward County, Fla., Institutional Real Estate, Inc..
- Marcus & Millichap Closes Four-Property Multifamily Sunrise Portfolio Sale in Broward County, Yield PRO.
- Marcus & Millichap Brokers Sale of 68-Unit Somerset Lakes Condos in Broward County for $9.5M, Yield PRO.