by Roberto Susi on June 08, 2022
June 9, 2022 - Elion Partners expanded its industrial portfolio with the purchase of a Pompano Beach warehouse for $15.25 million.
Applegate Development USA, managed by Richard Applegate in Pompano Beach, sold the 63,000-square-foot warehouse at 1121 N.W. 31st Ave. to EV 1121 LLC, in care of North Miami Beach-based Elion Partners. Miami-based City National Bank of Florida provided an $8.78 million mortgage to the buyer. Jordan Beck of Berger Commercial Realty represented the seller, while Jose Sasson and Robert Susi of Axiom Capital Advisors represented the buyer.
The property last sold for $3.33 million in 2009, so it had a huge gain in value. There has been strong demand for industrial space in Broward County and beyond as the industrial market shatters records.
The warehouse was built on the 3.5-acre site just east of Florida’s Turnpike in 1989.
According to a recent online listing, the warehouse as 22-foot clear height and 17,075 square feet available for lease, with an asking rate of $13.25 a square foot.
According to the first quarter report from Colliers International, the industrial vacancy rate in Broward County declined to 4.2%, compared to 6.6% in the year-ago quarter. The average asking rent increased to $12.19 a square foot, from $11.45 a square foot.