Northbridge Partners acquired the Elevate Broward industrial campus for $81.5 million, according to records and real estate database Vizzda on Mar. 17. The purchase marks a significant investment in Broward County as the local industrial market shows signs of softening.
The acquisition includes a 359,500-square-foot property at 3435-3699 Northwest 19th Street and 1814-1896 Northwest 38th Avenue, with the deal amounting to nearly $227 per square foot. The campus consists of 11 one-story contiguous buildings completed between 1973 and 1978 on a 17-acre site. Harbert Management, led by CEO Travis Pritchett, previously bought the property in two deals totaling $65.8 million in 2023.
Elevate Broward is currently 82 percent leased, according to Native Realty, which handles leasing for the property. Northbridge Partners, based in Wakefield, Massachusetts and led by managing partners Greg Lauze, Dean Atkins and David Aisner, manages more than $3 billion in assets across over 12.5 million square feet in twelve states.
In recent years, Northbridge has expanded its South Florida portfolio with acquisitions such as a showroom and warehouse leased to Floor & Décor in Coral Springs for $22.3 million last April and Powerline Commerce Park in Deerfield Beach for $18.1 million in 2024.
Broward County’s industrial market has seen increased vacancy rates due to ongoing construction activity. According to Colliers, the vacancy rate reached 6.8 percent in the fourth quarter—up from both the previous quarter and year-end figures from the prior year—as new space was delivered and more remains under construction. Despite these trends, landlords have raised rents slightly during this period.
Other investors continue to pursue opportunities in South Florida’s industrial sector. IP Capital Partners recently launched its second Southeast U.S.-focused fund targeting up to $300 million for small and mid-sized properties while Dalfen Industrial and Goldman Sachs sold Turnpike Logistics Center last month for $79.6 million.
