Weston Industrial Warehouse
A massive warehouse in Weston, Florida, previously occupied by Bang Energy, has been sold for $43.75 million. Spanning over 226,000 square feet, the property was acquired by WSLP Weston Industrial Owner IX, backed by Walton Street Capital and Lincoln Property Co. This sale reflects a significant uptick in value since its last transaction in 2018. The property, now 54% occupied, is part of a growing trend of increasing industrial space demand in Broward County.
In Weston, Florida, a massive warehouse that once served as the headquarters for Bang Energy has recently changed hands for a cool $43.75 million. This sprawling space, located at 1600 North Park Drive, spans an impressive 226,392 square feet, making it a prime piece of real estate in the ever-growing industrial sector of Broward County.
The sale was executed by 1600FLL LLC, a company based in Orlando and part of Manova Partners, which was previously known as GLL Real Estate Partners. The new owners, WSLP Weston Industrial Owner IX, are a collaborative effort between Walton Street Capital from Chicago and Lincoln Property Co. based in Dallas. To facilitate this purchase, the SDF REIT Holdco stepped in with a hefty mortgage of $37.19 million.
This sale is particularly noteworthy as the warehouse last changed hands in 2018 for just $30.35 million. With the recent sale price equating to approximately $193 per square foot, it clearly marks a significant spike in value. This increase can largely be attributed to the rising industrial rents and a surge in demand for industrial spaces in Broward County.
Constructed back in 1994 on a sprawling 12.9-acre site, the Weston warehouse was initially home to Bang Energy, a brand associated with Vital Pharmaceuticals. However, the energy drink giant faced a tough turn of events in 2023, resulting in major layoffs and ending with their acquisition by Monster Energy.
The new owners have noted that the warehouse is currently 54% occupied. As part of a progressive strategy, the management team consisting of brokers from CBRE, namely Tom O’Laughlin and Larry Dinner, will not only oversee the management of the building but were also instrumental in making this sale happen.
Interestingly, this transaction is part of a larger narrative surrounding Bang Energy. Another warehouse linked to the company, located at 20351 Sheridan Street in Pembroke Pines, has also made headlines by being sold for $58 million, marking a jump from its previous purchase price of $40.4 million just a year prior. This warehouse measures 248,770 square feet, translating to a sale price of approximately $234 per square foot.
It is worth mentioning that Vital Pharmaceuticals continues to hold onto an adjacent property at 20311 Sheridan Street, which spans 224,572 square feet. The Pembroke Pines distribution center is part of a new logistics park developed on land that used to house a women’s prison, which is quite the transformation!
The new acquisitions signify a strategic win for the companies involved. Notably, Lincoln Property Co. has successfully closed three substantial industrial acquisitions in the West Broward area by employing savvy off-market and preemptive sale tactics. It’s exciting to see how the industrial landscape in South Florida is evolving, bringing with it new opportunities and growth potential.
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