Cabot Properties bought a Pompano Beach distribution center for $38.7 million, expanding its industrial holdings in South Florida.
An affiliate of Boston-based Cabot, led by CEO Franz Colloredo-Mansfeld, acquired Pompano Business Center II, a 136,985-square-foot facility at 3001 West Copans Road, records and real estate database Vizzda show. The buyer paid $283 a square foot for the center.
The 11.2-acre property sold for $13.2 million above the previous sale price three years ago. An affiliate of New York-based Morgan Stanley Real Estate, the seller, paid $25.5 million for it in 2022, records show.
The building was completed in 2020 by an affiliate of Atlanta-based IDI Logistics, which sold it to Morgan Stanley.
Tenants include stone manufacturer Marble of the World, public works equipment provider Wastequip WRX and Wastebuilt Environmental Solutions, a company that distributes parts for trash dump trucks and other solid waste equipment. But Pompano Business Center II has roughly 79,000 square feet available for lease, an online listing shows.
Founded in 1986, Cabot has invested over $17 billion in industrial real estate and operated over 1,750 buildings totaling more than 243 million square feet, the firm’s website states. In December, Cabot picked up another industrial property in Pompano Beach. The company paid $91.3 million for Silver Beach Industrial Park, a four-warehouse complex.
Pompano Beach is within the Northeast Broward submarket, where the vacancy rate hit 7.2 percent in the second quarter, slightly above the 6.6 percent vacancy rate for overall Broward County, according to a recent Colliers’ report. During the same three-month period, the average asking rent for a warehouse in Northeast Broward was $16.47 a square foot, compared to $17.01 a square foot for the overall county.
Last year, Cabot sold a 15.8-acre distribution facility in Weston to Atlanta-based Chik-Fil-A for $50.5 million. In 2019, Cabot paid $30 million for the site.
In Miramar, Cabot owns the Bridge Point Miramar distribution center. The firm paid $71.2 million for the property in 2021.
