Berkley Partners recently completed the sale of a three-warehouse business park in Pompano Beach for $29 million, significantly higher than its previous sale price of $15 million in 2018. The 110,958-square-foot warehouse located at 3610 to 3890 Park Central Boulevard was purchased by MIG Real Estate with the assistance of a $17.2 million mortgage from CommerceWest Bank.
According to reports from the South Florida Business Journal, these warehouses were constructed on an expansive 8.5-acre site back in 1985 and have since housed notable tenants such as Patient Care America, Mastery Solar, Pace Analytical Labs, Florida Quality Truss,Talon Air Partners,and One Hour Air Conditioning.
MIG Real Estate has diversified its investments across various sectors including multifamily properties, office buildings,hospitality establishments,and flex/industrial spaces.The company also acquired warehouses earlier this year in both Pompano Beach and Fort Lauderdale through Berkley Partners’ sales.
The industrial vacancy rate for Broward County currently stands at just under five percent according to Colliers’ third quarter report.This is slightly higher compared to last year’s rate of4.7%. Additionally,the average asking rent for warehouse space has increased from$15.89 per square footto$17.14 per square foot over the same period.
In summary,MIG Real Estate’s recent acquisition highlights their continued interest and success within Broward County’s industrial market.With low vacancy rates and increasing rental prices,this purchase demonstrates confidence in this area’s potential growth opportunities moving forward.
