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Manufacturing Building in Pompano Beach Sells for $25 Million

Colliers South Florida represented the seller, Little Bear 2 LLC., in the transaction

POMPANO BEACH, FL, May 26, 2022 –Institutional developers continue to acquire the largest remaining industrial sites in Broward County including existing buildings on large parcels.  Senior Managing Director Sal Bonsignore and Executive Managing Director Rod Loschiavo of Colliers South Florida, represented the seller, Little Bear 2 LLC., in the transaction with First Industrial Realty Trust. The ±113,610 SF building located at 1801 N Andrews Avenue in Pompano Beach, FL, is situated on ±8.36 total acres.

“The high demand for Class A distribution space coupled with the limited availability of large parcels of industrial land suggest continued rent growth in Broward County. First Industrial recognized this property as an attractive infill addition to its portfolio,” said Bonsignore. “This was a truly a “win-win scenario”; the buyer acquired a well-located site, and the seller was able to benefit from selling with a low basis into a dynamic market” added Loschiavo. The seller will do a leaseback as part of the transaction.

First Industrial Realty Trust, Inc. is a fully integrated owner, operator, and developer of industrial real estate with a track record of providing industry-leading customer service to multinational corporations and regional customers. First Industrial owns and has under development approximately 68.6 million square feet of industrial space across major markets in the United States, as of March 2022.  Chris Willson, Executive Director, led First Industrial’s efforts in the transaction.  First Industrial was represented by Richard Etner Jr., Executive Managing Director of Cushman & Wakefield.

Due to the growing population, trend toward on-line shopping, and land constraints, industrial continues to be a favored asset class in South Florida. Investor interest was strong in Broward County with first quarter of 2022.  Total deal volume reached $442 million, more than the first two quarters of 2021 combined. In addition, price per square foot for sales increased 81 percent, year-over-year and 20 percent quarter-over-quarter reaching $201 psf in the first quarter of 2022. Year-to-date, 75 percent of buyers are institutional investors, the largest percentage over the last ten years.  

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Sal Bonsignore

Senior Managing Director

Fort Lauderdale

Sal Bonsignore, SIOR, CCIM joined Colliers International in 2004 and currently serves as a Senior Managing Director in the Ft. Lauderdale office. He specializes in office and industrial brokerage, with a focus on tenant representation, sale transactions, and select agency assignments. Lending his extensive experience, analytic skills and creativity, Sal has negotiated numerous complex real estate transactions on behalf of investors, and local, national and global occupiers across a variety of industries. His results-orientated, and detailed  approach enables him to add value to all his assignments. 

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Rod Loschiavo

Executive Managing Director

Fort Lauderdale

Rod Loschiavo joined Colliers International | South Florida as Executive Managing Direct of Office Services. With more than 30 years of experience in commercial real estate, Rod is an accomplished advisor to office users. His wealth of market knowledge and significant transaction experience will enable him to help clients find solutions to complex real estate occupancy challenges. Some of his most notable clients include Citrix Systems, Brown & Brown Insurance, MCNA Dental, Life Extensions, Republic Services, Ryder Corp. and Fairfield Communities. In addition to representing tenants, Rod has expertise in landlord agency assignments, build-to-suit projects, land sales, user and investment building sales.

Prior to joining Colliers, Rod served as an Executive Director at JLL where he earned "Top Gun" honors for ranking in the top 10% percent nationally in production for the company. In 2015, he was named JLL's "Top Producer" in South Florida.  Earlier in his career, Rod served as a Senior Director at Cushman & Wakefield and CBRE, being named a "Top Producer" at both companies for multiple years. Additionally, he was nominated for NAIOP's Broker of the Year award in 2011 and 2012.

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