Berkley Partners sold a three-warehouse business park in Pompano Beach for $29 million. It last sold for $15 million in 2018. MIG Real Estate bought the 110,958-square-foot warehouse at 3610 to 3890 Park Central Boulevard. CommerceWest Bank provided a $17.2 million mortgage to the buyer.
The S. Florida Business Journal reports the warehouses were built on the 8.5-acre site in 1985. Recent tenants include Patient Care America, Mastery Solar, Pace Analytical Labs, Florida Quality Truss, Talon Air Partners, and One Hour Air Conditioning
MIG Real Estate spreads its investments between multifamily, office, hospitality and flex/industrial. Earlier this year, Berkley Partners sold warehouses in Pompano Beach and Fort Lauderdale.
According to the third quarter report from Colliers, the industrial vacancy rate in Broward County was 4.8%, up slightly from 4.7% a year earlier. The average asking rent for warehouse space was $17.14 per square foot, up from $15.89 per square foot.
