Pompano Distribution Center I
A Member Company of Zurich North America, Advised by Zurich Alternative Asset Management LLC, Purchased the State-of-the-Art Distribution Warehouse
Cushman & Wakefield announced today that it has negotiated the sale of Pompano Distribution Center I, a 202,210-square-foot Class A distribution warehouse located at 3901 NE 12th Avenue.
The Capital Markets brokerage team of Executive Director Mike Davis, Senior Director Rick Brugge, Senior Director Michael Lerner and Executive Director Richard F. Etner of the South Florida Industrial Team represented Atlanta-based developer Robinson Weeks Partners in the disposition.
A member company of Zurich North America (Zurich), advised by Zurich Alternative Asset Management LLC (ZAAM), its alternative investment adviser, purchased the asset for $23.6 million ($117 per square foot). The ZAAM team was led by Roy Rosenbaum, Director of Acquisitions, and Sean Bannon, Managing Director and Head of U.S. Real Estate.
Pompano Distribution Center I is a state-of-the-art, rear-load distribution center built in 2014. It features 32-foot clear heights, 125-foot truck courts with 60-foot concrete aprons, ±42-foot by 40-foot column spacing, ESFR sprinklers, T–5 lighting and excess trailer storage.
The building is situated in the epicenter of South Florida’s population base, making it ideal for regional distribution. Located just four minutes from Interstate 95, Pompano Distribution Center I offers exceptional access and is located directly on Dixie Highway, providing visibility and signage opportunities.
Pompano Distribution Center I was 100 percent leased at the time of sale. Tenants include Restoration Hardware, Sunbelt Marketing and RWC, Inc.
“Investors showed tremendous interest in Pompano Distribution Center I,” said Davis. “South Florida is one of the top three industrial investment markets in the U.S., along with Northern New Jersey and Southern California. Many saw this as a gateway market investment opportunity.”
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 43,000 employees in more than 60 countries help investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com
About Robinson Weeks Partners
Forrest Robinson and Ray Weeks – joined by partners David Welch, Kit Baker and Donny Thoresen – formed Robinson Weeks partners to develop and invest with select industrial users and investors. The boutique real estate firm structures ventures with public and private entities to develop master-planned parks and creates exceptional build-to-suit programs for clients needing a trusted and experienced advisor to acquire and develop their facilities. To learn more, visit www.robinsonweeks.com.
About Zurich Alternative Asset Management
ZAAM is the alternative investment adviser to Zurich North America and its affiliates that is responsible for the group’s hedge fund, private equity and U.S. real estate investments. ZAAM runs a national core and core-plus acquisition program out of New York which targets office, retail, industrial and multi-family assets valued between $15 million and $100 million throughout 20 major markets in the United States. ZAAM currently manages approximately $2.5 billion of commercial real estate exposure in the Unites States for its various affiliated balance sheets. For more information, please visit www.zaam.com.
