CBRE has arranged the sale of Pompano Distribution Center II, a Class A 128,342-square-foot warehouse located at 4000 North Dixie Highway in Pompano Beach, Fla. New York-based Sterling Investors purchased the property from Zurich Alternative Asset Management in a transaction that closed August 11.
CBRE’s Jose Lobón, Trey Barry, and Frank Fallon represented the seller, New York-based Zurich Alternative Asset Management, in the transaction. The CBRE National Partners sales team was assisted by CBRE’s Royce Rose, Alain Bonvecchio, and Tom O’Loughlin.
Pompano Distribution Center II is fully occupied by DVC Industries, a leading manufacturer and distributer of high-quality spices. The building features 32-foot clear span heights, 28 dock doors, one drive-in door, ESFR sprinklers, and 587 linear feet of frontage along Dixie Highway. It offers nearby access to three major highways: Interstate 95, US-1, and the Florida Turnpike.
According to CBRE Research, the direct vacancy for industrial properties in Broward County sits at 2.6%, down 10 basis points from the previous quarter of 2.7%, and down 30 basis points from 2.9% one year ago.
Zurich Alternative Asset Management was represented by Sean Bannon, Managing Director and Head of US Real Estate, Gala Liana, Director of Asset Management, and Chris Edgar, Executive Director of Acquisitions.
About CBRE Group, Inc
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2022 revenue). The company has approximately 115,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
About Zurich Alternative Asset Management
Zurich Alternative Asset Management (“ZAAM”) runs a national core and core-plus investment program out of New York which targets office, retail, industrial and multifamily properties and has directly acquired approximately $2 billion of assets since 2013. ZAAM also manages non-core, value-added assets aggregating just under $1 billion. ZAAM recently raised approximately $500 million of international equity for investment in a core and core plus program in a new open-ended fund, and continues to add to its portfolio under management, which spans across 26 states aggregating more than 15 million square feet of commercial real estate space and more than 1,400 multifamily units.