Northbridge Partners has scooped up the 359,500-square-foot Elevate Broward industrial campus in Lauderdale Lakes for about $81.5 million, locking in a cluster of small-bay warehouses tucked near I-95, 441 and the Florida Turnpike. The buy comes just as Broward County’s once red-hot industrial market starts to cool from its pandemic-era frenzy.
Deal details
As reported by The Real Deal, Northbridge paid $81.5 million for the 11-building, one-story Elevate Broward campus, a roughly 17-acre assemblage at 3435–3699 NW 19th Street and 1814–1896 NW 38th Avenue. The sale pencils out to nearly $227 per square foot.
The seller was Harbert Management, which had paid about $65.8 million for the assets in 2023, according to the outlet, citing public records and commercial databases. In other words, Harbert did not exactly walk away empty-handed.
About the campus
Elevate Broward leasing materials describe the park as roughly 357,000 square feet of multi-tenant warehouse space with 18-foot clear heights, grade-level doors and a park-like layout geared to light-industrial and last-mile users.
The property manager markets suites ranging from about 1,800 to 20,000 square feet and plays up on-site management and deep truck circulation, a combo meant to keep e-commerce and regional distributors happy and moving.
Market context
The Real Deal notes the campus was about 82 percent leased at closing, according to listing broker Native Realty. The outlet also cites Colliers data showing Broward County logged roughly 1.5 million square feet of negative absorption last year while vacancy climbed to about 6.8 percent in the fourth quarter…