IDI Logistics Sells Pompano Warehouse to Morgan Stanley

Warehouse developer IDI Logistics cashed out of a newly developed Pompano Seaside distribution heart for $25.5 million.

The Atlanta-primarily based serious estate investment have faith in sold the 134,000-square-foot constructing at 3001 West Copans Street to an affiliate of Morgan Stanley’s true estate investing arm, in accordance to records and offer facts provider Vizzda.

The offer for the warehouse, which was accomplished in 2020 throughout 11.3 acres, breaks down to $191 per sq. foot.

Led by Mark Saturno, IDI Logistics has 63 million sq. toes of assets below administration, according to its site. It has been building and trading industrial genuine estate in South Florida for a long time.

In 2019, the organization sold a portfolio of 5 entirely leased warehouses in Miramar at 11600, 11650 and 11740 Miramar Parkway, as effectively as at 15701 Southwest 29th Road and 2501 160th Avenue, for $116.5 million.

IDI’s other ventures in Pompano Beach front include the redevelopment of the Competition Flea Market place Shopping mall on the southeast corner of the Florida Turnpike and Sample Highway into an industrial complicated. IDI undertook the venture in partnership with North Miami-primarily based IMC Fairness, and the pair scored metropolis commission zoning approval in June.

The deal will come as South Florida’s industrial sector carries on to prosper from tenant need that has proven no symptoms of slowing.

Broward County’s asking rents hit $12.89 per square foot in the third quarter, up from $9.70 a foot during the exact same period of time of last yr, according to JLL. The emptiness amount, in the meantime, dropped to 3.3 p.c from 6.5 % in the 3rd quarter of last yr.

In other Pompano industrial promotions this 12 months, Chicago-based mostly Initially Industrial Realty Belief scooped up a producing creating at 1801 North Andrews Avenue for $25 million in June.