CBRE has arranged a 51,000-square foot. industrial lease at Bridge Point Powerline Road, a new distribution park in Pompano Beach, Florida. The lease was arranged on behalf of the landlord, Bridge Point Powerline, LLC, who was represented by CBRE's Tony Hoover and Larry Dinner.

The tenant, Velocity Aerospace, will occupy space in Building 2 at 1981 North Powerline Road starting Q2 2020.

Hoover, senior vice president at CBRE, says the driving force for Velocity Aerospace's move is that the company is currently operating in two locations—one near Fort Lauderdale Executive Airport and the other in Pompano Beach.

"This facility allows them to step up to meet the current demands of their business," Hoover says. "They are moving into 100 percent newly constructed space."

Permitting for the project is in progress prior to the space being outfitted specifically for Velocity's needs. This will include construction of administrative space and testing labs.

Velocity, headquartered in Frisco, Texas, is a global supplier of maintenance, repair and overhaul services (MRO) for the aerospace industry. It also has facilities in Van Nuys and Burbank, California, as well as in Singapore. Velocity will occupy space in Building 2 in about six months.

TSF Sportswear, a wholesale apparel distributor, occupies all 172,978 square feet of the park's Building 1. In addition to Velocity, an undisclosed tenant occupies Building 2. Building 3 is complete and Hoover says proposals are out, and he expects all or most of it to be leased soon. Overall, leasing has been brisk for the project.

Hoover says Velocity's move continues a trend of companies seeking larger, more modern space in the region.

The 521,560-square foot Bridge Point Powerline Road is in the heart of the Pompano Beach Industrial Submarket, midpoint between the Florida Turnpike and I-95, the shortest distance between the two interstate highways in Broward County. Proximity to the two transportation arteries is a major reason leasing has been rapid, Hoover says. The location allows access to either highway in just a few minutes.

According to CBRE's Broward Q3 2019 MarketView Report, Pompano Beach finished with a 3.9% vacancy rate and overall average asking lease rates are at $8.22 per square foot.

Instant Insights /

CBRE Arranges 51,00-SF Industrial Lease In Pompano Beach

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