Northbridge Partners acquired the Elevate Broward industrial campus for $81.5 million, a significant investment in Broward County as the local industrial market shows signs of softening, according to records and real estate database Vizzda on Mar. 17.
The purchase comes at a time when the Broward industrial sector is experiencing higher vacancy rates and negative absorption, raising questions about future demand and pricing in the area.
Elevate Broward, located at 3435-3699 Northwest 19th Street and 1814-1896 Northwest 38th Avenue, consists of eleven one-story buildings completed between 1973 and 1978 on a seventeen-acre site. The property totals approximately 359,500 square feet and was sold by Harbert Management, which had acquired it in two deals for $65.8 million in 2023. The current deal values the property at nearly $227 per square foot. Native Realty reports that the campus is currently 82 percent leased.
Northbridge Partners, based in Wakefield, Massachusetts and led by managing partners Greg Lauze, Dean Atkins, and David Aisner, manages more than $3 billion in assets across twelve states. The firm has been expanding its South Florida portfolio recently; it purchased a showroom and warehouse leased to Floor & Décor in Coral Springs for $22.3 million last April and bought Powerline Commerce Park in Deerfield Beach for $18.1 million this year.
Broward’s industrial market saw its vacancy rate rise to 6.8 percent in the fourth quarter from 6.4 percent the previous quarter and from 5.1 percent a year earlier, according to Colliers data cited in the report. The county recorded seven consecutive quarters of negative absorption with a total of 1.5 million square feet lost last year as new construction added supply—621,000 square feet were completed last quarter with another half-million under construction.
Despite these trends, landlords have continued to raise rents to an average of $17.21 per square foot during the fourth quarter compared to $17.04 previously.
Other investors remain active: IP Capital Partners launched its second Southeast U.S.-focused fund targeting up to $300 million for small- and mid-sized properties while Dalfen Industrial and Goldman Sachs recently sold Turnpike Logistics Center in Palm Beach County for $79.6 million—a gain of over thirty-one percent.
