Hillsboro Technology Center

350 Hillsboro Technology Drive, Deerfield Beach, FL, 33441, US

Description

Jones Lang LaSalle is pleased to exclusively offer the opportunity to acquire Hillsboro Technology Center (“the Property”, or “HTC”)— South Florida’s premier master-planned infill industrial park which consists of six state-of-the-art, multi-tenant industrial buildings totaling 831,538 square feet. Overall, HTC is currently 94% leased to a roster of high-profile tenants. Strategically located at a four-way interchange along I-95 (217,000 VPD) at the Broward County and Palm Beach County line and just 20 minutes north of Port Everglades and Fort Lauderdale CBD, the Property offers unparalleled accessibility, allowing industrial users to easily serve the entire South Florida market.

Constructed from 2017 to 2022, Hillsboro Technology Center is the most dominant, master-planned industrial park along I-95 in South Florida. Featuring varying building depths ranging from 135’ to 210’ and spaces averaging ±36,000 square feet in size, the Property is perfectly positioned to capture the highest concentration of industrial tenant demand in the Broward County market. The industrial park’s exceptional location, limited availability of Class A competition, and the rapid growth of industrial demand in Broward County have resulted in current market rents significantly exceeding the in-place rents at Hillsboro Technology Center. With 2.22 years of WALT remaining, a new owner can quickly capitalize on roughly 37% mark-to-market potential with 84% of the Property’s square footage expiring in the first three years.

HILLSBORO TECHNOLOGY CENTER OFFERS A GENERATIONAL OPPORTUNITY TO ACQUIRE A BEST-IN-CLASS INDUSTRIAL LOGISTICS PARK OF SCALE. LOCATED IN ONE OF THE U.S.’s BEST PERFORMING INDUSTRIAL MARKETS, THE PROPERTY FEATURES STRONG CURRENT INCOME AND THE POTENTIAL FOR SUBSTANTIAL VALUE CREATION FROM MARKING IN-PLACE TENANTS TO MARKET AND CONTINUED RENT APPRECIATION.

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Attributes

ADDRESS

350 HILLSBORO TECHNOLOGY DRIVE, DEERFIELD BEACH, BROWARD COUNTY, FL

Building class

Building area net

77,252 m²

Occupancy

94%

Media

Investment Highlights

CRITICAL MASS OF TROPHY LEVEL CLASS A LIGHT INDUSTRIAL PRODUCT WITH MASSIVE UPSIDE

• Generational opportunity to acquire a state-of-the-art infill industrial park of scale in a top US industrial market instantly becoming a Top 20 owner in Broward County, Florida

• Exceptionally rare offering as a Class A industrial park of this scale hasn’t traded in South Florida in nearly a decade

• Spaces range in size from 7,768 square feet to 89,638 square feet across six buildings making the Property perfectly positioned to cater to the deepest pool of tenants in the Broward County market

• 66% rental rate premium on recent leases executed over the past three years

• 84% of the Property’s square footage expires over the first three years

• Projected NOI growth of 70% over the first five years

STATE OF THE ART NEW CONSTRUCTION WITH MARKET LEADING SPECIFICATIONS

• Best-in-class construction with average clear heights of 25’ – 34’, 175’ – 185’ truck courts with 65’ concrete aprons, and four overhead dock doors per bay throughout the industrial park

• Built by Butters Construction, one of the most active and awarded developers in South Florida

• Located within a master-planned park with unique amenities including multiple hotels, on-site childcare, and car charging stations

STRATEGIC TRI-COUNTY HUB LOCATION OFFERING UNMATCHED SOUTH FLORIDA MARKET ACCESS

• Hillsboro Technology Center’s central location in the Tri-County region immediately adjacent to a four-way interchange along I-95 allows industrial users to easily serve the entire South Florida market, saving significant transit time in comparison to Miami and West Palm Beach locations

• Direct access to South Florida’s 6+ million population across Broward, Miami-Dade, and Palm Beach Counties from one strategic central hub location

HIGH BARRIER-TO-ENTRY MARKET WITH SCARCITY OF COMPETITIVE PRODUCT ON THE HORIZON

• Current projects under construction represent less than 1.1% of Broward County’s total industrial inventory. Limited directly competitive new industrial product presents a compelling case for continued rent growth

• Affordable housing legislation (SB102) further limiting availability of sites for industrial development/redevelopment