A Deerfield Beach, 14-warehouse industrial project has been unloaded for $72.3 million. The Powerline Business Park was sold by the duo of Stockbridge Capital and the Los Angeles County Employees Retirement Association.
The combined 416,936 square feet of warehouses was bought by Investcorp International Realty. The site is just north of Sample Road. The S. Florida Business Journal reports Metlife Real Estate Lending provided the buyer with a $76.64 million mortgage, which also covered properties in other states.
The price equated to $173 per square foot. It last traded for $62.25 million in 2019. The industrial buildings were developed on the 26.4-acre site from 1983 to 1984.