First Industrial Realty Trust has reclaimed a manufacturing building in Pompano Beach for $25 million, marking investors’ continued appetite for the South Florida industrial market.
Chicago-based First Industrial purchased the 113,610-square-foot, 8.4-acre building at 1801 North Andrews Avenue and leased it to the seller, according to a press release from the seller’s broker.
Printing services company Screen Graphics, through an affiliate, sold the property, records show. The company has both digital and screen printing presses and also offers finishing and installation services, according to its LinkedIn.
Sal Bonsignore and Rod Loschiavo of Colliers represented the seller. Richard Etner Jr. of Cushman & Wakefield and Chris Willson of First Industrial represented the buyer.
The two-story building was completed in 1985 and renovated in 2014, according to Colliers. Screen Graphics paid $3.5 million for the installation in 2012, records show.
First Industrial, founded in 1994 and led by CEO Peter Baccile, owns, manages and develops industrial real estate, its website says. As of March, the real estate investment trust’s portfolio spanned approximately 68.6 million square feet of properties it owned or had under development, according to the statement.
First Industrial has invested heavily in Pompano Beach. He paid $19.8 million for two industrial properties at 1021 Northwest 12th Terrace and 1001 Northwest 12th Terrace in 2019.
In 2018, he also purchased the Pompano industrial site at 1200 and 1272 Northwest 15th Street for $8.7 million.
South Florida’s industrial market has thrived on an imbalance between supply and demand. As companies clamored to rent space, the region is plagued by a decrease in developable land.
In the first quarter, Broward County’s industrial vacancy rate reached 4.2%, matching pre-pandemic levels, according to a JLL report. The average asking rent has risen to $11.19 per square foot year over year from $8.58 per square foot.
North Miami Beach-based Elion Partners is also betting on Pompano Beach. He paid $15.3 million this month for a property at 1121 Northwest 31st Avenue.
Also in Broward this month, Bridge Industrial purchased the property at 2200 Northeast Seventh Avenue between Fort Lauderdale-Hollywood International Airport and Port Everglades for $20 million, with plans to build a logistics facility.