Northbridge Invests $18 Million in Deerfield Beach Industrial Complex for Economic Growth
Investment firm NorthBridge Partners has recently acquired a three-building industrial complex in Deerfield Beach for $18.1 million. The Powerline Commerce Park, located at 1250 South Powerline Road, spans across 4.5 acres and offers 72,919 square feet of industrial space. The park, constructed in 1989, was purchased by an affiliate of Wakefield, Massachusetts-based Northbridge at a rate of $248 per square foot.
The transaction was facilitated by Mike Davis and Dominic Montazemi from Cushman & Wakefield, representing both the buyer and the seller – an affiliate of San Francisco-based Bristol Group. Bristol had initially acquired the property in 2013 for $3.9 million before selling it to NorthBridge.
Big Investments
NorthBridge, led by managing partners Greg Lauze and Dean Atkins, specializes in acquiring off-market industrial and logistics properties across the United States. The firm recently raised $950 million with New York-based Park Madison Partners, targeting small to mid-sized warehouse buildings.
The northeast Broward industrial submarket, which includes Deerfield Beach, boasts the lowest vacancy rate and average asking rent in Broward County. According to a first-quarter report by Colliers, the vacancy rate in northeast Broward stood at 4.4 percent, with landlords asking an average of $16.43 per square foot. This rate was the lowest compared to other submarkets in Broward County.
Industrial real estate deals have been on the rise in South Florida recently. In March, New York-based Woodhill Real Estate acquired six warehouses in Hialeah for $26 million, while tie-dye apparel company executives Mordechai and Shlomo Hasson purchased a Coral Springs warehouse for $12.5 million. These transactions demonstrate the growing demand and investment opportunities in the region.
The influx of investments in the Deerfield Beach industrial complex by NorthBridge Partners signifies a positive outlook for economic growth in the area. With a focus on industrial and logistics properties, NorthBridge’s acquisition highlights the potential for job creation and economic development in Deerfield Beach and the surrounding areas.
