EQT Real Estate picked up a pair of Broward industrial sites, including an Amazon distribution center, for a combined $55.3 million.
In Deerfield Beach, Radnor, Pennsylvania-based EQT, led by Per Franzén, dropped $37.9 million for a 158,000-square-foot facility completed in 1985, records and real estate database Vizzda show. The building, which Amazon leases for delivery sorting, was renovated in 2020.
The deal breaks down to $239 a square foot. The seller, an affiliate of Miami-based Elion Partners, paid $22 million for the 13-acre site at 1111 Southwest 30th Avenue in 2020, records show.
In the second deal, Elion also sold Broward Turnpike Center at 1121-1141 Northwest 31st Avenue in Pompano Beach to EQT. The firm paid $17.4 million, or $257 per square foot, for the fully leased 67,520-square-foot industrial building, which includes 4,475 square feet of office space, records and real estate database Vizzda show.
An Elion affiliate paid $15.2 million for the 3.5-acre property in 2022, records show. The building was completed in 1989.
EQT, formerly known as EQT Exeter and Exeter Property Group, manages a $32 billion national commercial real estate portfolio, according to the firm’s website. EQT is very active in South Florida’s industrial market. This month, the company also bought a warehouse in Doral for $16.8 million, six months after EQT paid $20.6 million for another Doral industrial property, records show.
Last year, EQT purchased an office and industrial building also in Doral for $14.5 million.
Meanwhile, Elion racked up the second largest purchase of 2024 in South Florida’s industrial market. In December, the firm paid New York-based investment giant Blackstone $205.5 million for five warehouses in Sunrise.
Broward industrial landlords are bracing for a slowdown in leasing activity, according to a recent CBRE report. In the first quarter, the county’s vacancy rate rose to 4.1 percent, compared to 3.8 percent during the same period of last year.
