New York-based Clarion Partners has purchased the Pompano Industrial Center, a four-building industrial park in Pompano Beach, Florida, for $77.25 million, or $124 per square foot. The property was sold by Pompano Industrial Center LLC, an affiliate of Invesco Advisors, an investment manager headquartered in Texas. Terms of the deal and representation were not disclosed, The Real Deal reports that Invesco pieced together the property through separate deals in 2001 and 2004 that created a combined price of $51 million. Invesco paid $36.2 million to buy three of the industrial park buildings from IDI Gazeley, the original developer, which is now part of Brookfield Logistic Properties. The largest building was bought three years later for $14.8 million. CBRE had been the leasing agent for the properties.
Pompano Industrial Center is located at 901, 2001 and 2004 N.W. 25th Ave. and 2510 W. Copans Road in Pompano Beach and totals 623,256 square feet of space on 37.4 acres. The portfolio of buildings is part of the larger Pompano Business Center, where TIAA owns a FedEx building and the Arizona Beverage Co. owns a nearby warehouse its distribution center occupies in the business park. The portfolio's occupancy rate at the time of sale was not disclosed, but two months ago OC Communications leased a full building.
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