1111 Southwest 30th Rd.
DEERFIELD BEACH, FL—Real estate investment firm Elion Partners has acquired a 158,000 square-foot, last-mile industrial distribution asset located at 1111 Southwest 30th Rd., here.
The $22 million acquisition is the latest move in the firm's South Florida portfolio aggregation strategy.
With direct access to Florida's Turnpike and Interstate 95, the industrial distribution asset consists of a central industrial warehouse facility and approximately 600 parking spaces along with significant expansion options, including over 50,000 square feet of warehouse/office space or additional parking.
Shlomo Khoudari, managing partner of Elion Partners, tells GlobeSt.com that he can't disclose information about prospective tenants for the property, but says the market is tight and vacancy rates are low. He says the building will require some renovations, but that will depend on the user. The building was recently vacated. Elion seeks structurally sound buildings with good connectivity to major corridors, he says.
"This is a portfolio aggregation play, and hopefully there will be more to come this year."
Focused on last-mile industrial distribution assets, Elion Partners is sourcing opportunities in core markets.
"Trends in consumer behavior and last-mile logistics have been the main drivers impacting the industrial market as a whole, which are projected to further influence the industry over the next decade," said Managing Director Michael Yocco.
Elion recently aggregated a portfolio of 3 million square feet of industrial product in South Florida, Chicago and the Washington, DC metro area. This includes a 197,600 square-foot asset in Boynton Beach and a 60,984 square-foot asset in Glendale Heights, Illinois, both of which were acquired last month. The firm plans to replicate this strategy in targeted core markets.
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