Hersh Equity Group bought a warehouse complex in Broward County for $47.2 million, expanding the boutique firm’s South Florida industrial portfolio.
Boynton Beach-based Hersh Equity, led by Juda Hersh and Corey Schwartz, bought six warehouses at 5801-5897 Southwest 21st Street, 5901-5981 Southwest 21st Street, and 2100 Southwest 59th Avenue in West Park, a city neighboring Hollywood, a press release states. The buildings, completed in the 1970s, span a combined 228,000 square feet, so the deal breaks down to $207 a square foot.
Adam Weiss with Weiss Law represented Hersh Equity, and Jordan Beck of Berger Commercial Realty represented the seller, Interstate Development Limited Partnership, in the off-market deal, the release states.
West Park-based Interstate Development, led by President Susan Paul, acquired the 9.4-acre site in 1964, records show. The company developed the warehouses, and leased the small bay spaces with its in-house team for nearly five decades, the release states. The complex currently has 116 tenants.
The buyer has been eyeing the West Park portfolio since 2020, developing a relationship with the sellers to get the inside track when Interstate Development was ready to sell, Hersh Equity’s Schwartz said in a statement.
Hersh has another 220,000 square feet of industrial space under contract as part of its statewide growth strategy, Schwartz added. Specializing in small bay industrial properties, Hersh Equity owns 14 warehouse sites in Broward, Palm Beach, Monroe and Pinellas counties, the firm’s website shows.
South Florida’s industrial market has shown signs of softness in recent quarters, but warehouses remain attractive targets for commercial real estate investors. In another Broward industrial portfolio deal this month, Boston-based Longpoint sold nine warehouses in Davie, Fort Lauderdale and Sunrise for $69.9 million. Newport Beach, California-based MIG Real Estate bought the properties.
Last month, Boston-based TA Realty dropped $105.7 million for a 43.7-acre warehouse development site in Opa-locka. The seller, a joint venture between Blackstone and its subsidiary Link Logistics, also sold a recently completed industrial park adjacent to the development site to TA Realty for $160 million in December.
