Park Central Light-Industrial

3610-3890 Park Central Blvd. N Pompano Beach, Florida

Description

Park Central is an infill, light industrial park in one of the nation's highest barrier-to-entry markets, Broward County, FL.

The 114,391 square foot park contains three highly functional industrial buildings supported by a variety of bay sizes and buildouts, with spaces ranging from 2K-29K SF, versatile loading options (31% dock-high), and dedicated air-conditioned warehouse space (45% of the NRA).

The Property offers stable in-place cash flow with 95% occupancy and has maintained 94% historical occupancy since 2023. In addition, there is significant upside potential with 2.2 years of WALT, 67% of the NRA expiring by Year 4 of the projection, and a 13% MTM opportunity, yielding 48% 6-year NOI growth.

Park Central benefits from a strategic centralized South Florida location with direct access to I-95 (4 minutes), Florida's Turnpike (6 minutes), and Ft. Lauderdale's CBD (20 minutes) offering unparalleled last-mile logistics to over 6.7M+ people within 90 minutes.

Park Central offers investors the opportunity to acquire a highly functional light-industrial park in one of the nation's strongest industrial markets with upside potential at a substantial discount to replacement cost and recent South Florida transactions.

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Attributes

Land area gross

3.43 ha

Number of buildings

Building area net

10,627 m²

Tenants

Occupancy

95%

WALT

2.2 years

Mark-To-Market

13%

Media

Investment Highlights

OPPORTUNITY TO ACQUIRE A 95% LEASED LIGHT-INDUSTRIAL PARK WITH UPSIDE IN SOUTH FLORIDA

Opportunity to acquire a highly functional and versatile infill, last-mile, light industrial park in Broward County, FL, one of the highest occupied (96% 5-year historical occupancy) and most supply-constrained industrial markets in the nation.

STRONG, PROVEN IN-PLACE CASH FLOW WITH NEAR-TERM UPSIDE POTENTIAL

95% leased with strong in-place NOI and 4% average annual escalations.
16 tenants with a 94% average historical occupancy since 2023.
Proven MTM with nearly no concessions or downtime on the past six leasing transactions (averaging, 7% mark-up over prior leases, $0 PSF TI, 1 month free rent, 2 months downtime).
Actionable 2.2-year WALT (67% of the NRA rolls by Year 4) with 13% un-trended MTM potential.
48% 6-Year and 70% 10-Year NOI growth potential.

ATTRACTIVE VALUE PROPOSITION POISED FOR LONG-TERM SUCCESS

Attractive acquisition basis below recent market trades ($290+ PSF) and at a discount to replacement cost ($375+ PSF) making this a prime opportunity to enter into or expand within South Florida.
Current/previous ownership and the park's largest tenant have invested over $3M of capital into the Property.

HIGHLY-FUNCTIONAL AND VERSATILE LIGHT-INDUSTRIAL DESIGN SPECIFICATIONS

Rear-load facilities with 32 total loading doors (31% dock-high), 112’-122’ building depths, and an ample 3.2/1K SF parking ratio.
16’-20’ clear heights, dedicated air-conditioned warehouses (45% of the NRA), and 2,400 Amps of power per building.
Average suite size of 6K SF with spaces ranging from 2K-29K SF, which is the market’s fastest-growing and highest velocity market segment.

CORE LOCATION WITH EXCELLENT TRANSPORTATION DYNAMICS PROVIDING ACCESS TO THE ENTIRE MSA WITHIN A 90-MINUTE DRIVE.

Park Central is a bullseye South Florida location strategically positioned to access the entire MSA (6.7M+ population) and all key demand drivers in under 90-minutes.