POMPANO BEACH, Fla., Oct. 9, 2018 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announces the sale of Park Central Business Park, a three-building, 114,391-square-foot industrial portfolio located within the Park Central Business Park campus in Pompano Beach, Florida. The buildings sold for $15 million.
“The portfolio’s 100 percent occupancy and balanced tenant base provide new ownership with a stable income stream,” said Douglas K. Mandel, IPA senior managing director. “Given the limited supply of small industrial units and ongoing demand, we expect continued long-term rent growth in the Pompano Beach submarket.”
Mandel and Tyler Kuhlman, an associate with Marcus & Millichap, represented the seller, and advised the buyer, Berkeley Partners. Berkeley Partners is a fully integrated industrial real estate operator and investment manager. This property is their third acquisition in the market in 2018.
“We are excited to have completed this acquisition,” said Matt Novak, a partner at Berkeley Partners. “South Florida represents an attractive opportunity to acquire small industrial assets, given the very low vacancy rates and healthy demand.”
The Park Central Business Park is located between Sample Road and Copans Road near Interstate 95 and within minutes of the Florida Turnpike and the Fort Lauderdale Executive Airport. The buildings have clear heights ranging from 16 feet to 28 feet.