Westport Business Park

2501- 2555 Davie Road, Davie, FL, 33317, US

Description

Jones Lang LaSalle (“JLL”) is pleased to exclusively offer the opportunity to acquire Westport Business Park (“Westport” or the “Property”), an institutional-quality, last-mile, light industrial campus comprised of three (3) buildings totaling 199,731 square feet, strategically situated along Davie Road directly off the I-595 interchange with excellent access to Florida’s Turnpike, U.S. 441, I-75, and I-95 which are all immediately proximate to Westport, centrally located within the Broward County industrial market which has seen rent growth of over 92% in the last five years and is projected to grow another 35% by 2030.

The Property is currently 100% leased, spearheaded by tenant Arnet Pharmaceuticals, who occupies 50% of the NRA, and recently signed a lease extension until 2035, with the remainder of the tenant base boasting a high-quality, diversified roster of regional firms with industry players in mechanical engineering, aerospace, healthcare, and pharmaceuticals who have invested heavily into their spaces and demonstrated a long-term commitment to the Property.

Westport presents investors with the rare opportunity to acquire an exceptionally well-located, light industrial asset with entrenched tenants and virtually no new competitive supply, offering long term capital appreciation potential from a strong, diversified in-place cash flow in one of Broward County’s best-performing submarkets.

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Attributes

Number of buildings

Building area net

18,556 m²

Land area gross

4.99 ha

Occupancy

100%

WALT

7.5 years

Media

Investment Highlights

INVESTMENT HIGHLIGHTS:

Rare opportunity to acquire a versatile, institutional campus of last mile, light industrial assets in Broward County, FL – one of the premier high-growth coastal U.S. markets

Provides an attractive basis at a significant discount to recent South Florida transactions ($395+ PSF).

Strong and growing in-place cash flow provided by a diverse, high-quality tenant roster on landlord favorable NNN lease structures.

28% and 56% NOI growth over 7-year and 10-year hold periods, respectively, from contractual increases and lease mark-to-market.

MARKET HIGHLIGHTS:

Strategic location in the SW Broward submarket with a centralized South Florida location providing exceptional regional and national logistics capabilities.

Close proximity to major interstates I-595, I-75, I-95, and Florida’s Turnpike as well as top-tier infrastructure such as Ft. Lauderdale-Hollywood International Airport and Port Everglades, all within a 15-minute drive giving access to a population of over 6.5M within a 90-minute drive time.

Accelerated capital appreciation driven by high barriers to entry in a supply-constrained market with only 1% of its inventory under construction across the county and ZERO deliveries in the SW Broward submarket since 2022.

Broward County maintains the tightest vacancy rate across the state at 4.1%, 140 BPS below the second lowest market.

TENANCY HIGHLIGHTS:

Significant leasing momentum in the last 24 months signals an acute need from tenants and a severe lack of available options in Broward County for well-located, light industrial assets.

Proven track record of elevated demand exemplified by leasing activity representing 77% of the NRA over the last 24 months.

Over 153K SF of leasing activity including another expansion tenant and tenants who have recently made significant capital improvements to their spaces, underscoring the entrenched tenancy at the park.