A 14-warehouse industrial project in Deerfield Beach has recently sold for $72.3 million, marking a significant transaction in the commercial real estate market. The Powerline Business Park was successfully acquired by Investcorp International Realty from Stockbridge Capital and the Los Angeles County Employees Retirement Association.
Spanning over 416,936 square feet of warehouse space, this property is strategically located just north of Sample Road. According to reports from the South Florida Business Journal, Metlife Real Estate Lending provided a mortgage worth $76.64 million to facilitate this purchase which also included properties in other states.
The sale price translates to approximately $173 per square foot and represents a considerable increase from its previous sale price of $62.25 million back in 2019 when it last changed hands. Developed between 1983 and 1984 on a sprawling site measuring at least 26 acres, these industrial buildings have proven to be valuable assets for their owners.
