An affiliate of Brookfield Properties sold four warehouses at 772 S. Military Trail in Deerfield Beach to Lincoln Capital Advisors. The sales price was $77.5 million, or nearly $310 a square foot. Walton Street Capital provided a $52.28 million mortgage to the buyer.
The S. Florida Business Journal reports that the 250,000-square-foot property last traded for $36.3 million in 2019. The warehouses were built on a 14.7-acre site near a Publix distribution center in 1984.
According to Colliers’ first quarter report, the industrial vacancy rate in Broward County was 7.2%, up from 5.8% a year earlier. The average asking rent for warehouse space was $17.23 per square foot, down slightly from $17.24 per square footÂ
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