Boca Raton CBRE Trio Closes $8.7 Million Pompano Beach Office-Industrial Sale
The buyer is an e-commerce company that produces customized apparel and other merchandise.
November 19, 2019 at 02:54 PM
3 minute read
CBRE Group Inc. executive vice presidents Jeff Kelly and Robert Smith, and first vice president Kirk Nelson, all based in Boca Raton.
LogoUp.com, an e-commerce company selling uniforms and other apparel and merchandise, will set up operations in a Pompano Beach office-industrial building it just bought for $8.7 million.
LogoUp.com through affiliate CRSC Commercial Holdings LLC bought the 62,000-square-foot flex property from Rexall Sundown 3001 LLC, according to Broward County property and state corporate records. The deal was closed Nov. 6 by a CBRE Group Inc. team based in Boca Raton.
CBRE executive vice presidents Jeffrey Kelly and Robert Smith and first vice president Kirk Nelson closed the transaction on behalf of both buyer and seller.
The seller was an affiliate of Rexall Sundown Inc., a vitamins and supplements subsidiary of Ronkonkoma, New York-based Nature's Bounty Co.
LogoUp will occupy the 62,000-square-foot, Class A property as part of a growing trend of tenants opting to buy instead of lease their industrial space, Kelly said in a news release.
"This strategic move will help the company continue to expand its footprint in South Florida for faster delivery to more than 100,000 customers nationwide," he said.
LogoUp already has operations in Pompano Beach at 2501 NW 34th Place. Company growth prompted the expansion to its recently acquired building, meaning it now will operate in over 100,000 square feet of space in Pompano Beach.
The newly acquired property was constructed in 2001 on 4 acres southeast of Sample Road and the Andrews Avenue extension at 3001 Center Port Circle.
The building has five dock-high loading doors and two ramps with oversized motorized doors.
LogoUp was founded in 2010 by brothers Brian and Scott Roberts a year after their father died. Their goal was to take over his embroidered apparel business in a way that was responsive to the changing retail market.
The business grew to nearly 200 employees and supplies small businesses, organizations, schools and government agencies with promotional and personalized merchandise for events, projects and trade shows.
The purchase comes in a healthy South Florida industrial market that's benefiting from a favorable tip in the supply-and-demand balance.
Strong demand is fueled by e-commerce companies, but supply isn't keeping up with demand even with hefty construction in the region. Nearly 38 million square feet was absorbed over the last five years, much more than the 23 million square feet of newly completed space, according to CBRE data.
The market, which also has pushed up rents, has caught the eye of outside investors. In the biggest industrial deal of the year in Florida, three-building Centergate at Gratigny in Hialeah traded for $178 million to Kansas City, Missouri-based RREEF America, a subsidiary of DWS Investment Management Americas Inc.
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