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POMPANO BEACH, FL-Sacramento-based developer Panattoni Development has scrapped plans to build industrial space on a 17.25-acre site and sold the land to Denver-based ProLogis for $10.05 million or $13.38 per sf.

Panattoni purchased the site, located on Blount Road between Copans and Sample roads, in 2005 and planned to build industrial warehouses. Colliers Abood Wood-Fay brokers Steven Wasserman and David Wigoda represented the sellers in the transaction.

Panattoni has developed industrial space across the county. Current projects include the Plainfield Business Park in Indianapolis, Pinnacle Park West in Dallas and Rainier Park of Industry in Sumner, WA. ProLogis, led by CEO Jeffrey Schwartz, is a provider of distribution facilities and services with 2,400 facilities owned, managed or under development in 81 markets in North America, Europe and Asia.

The industrial market in Broward County has been thriving in recent months with expectations that the good times will continue. According to a CB Richard Ellis Q2 industrial market report, the Q2 vacancy rate was 3.2% with average asking rates at $7.54 per sf. In Pompano Beach, the vacancy rate was 3.3% during the quarter with 246,260 sf of positive absorption.

“Although cap rates may move slightly higher, prices of industrial buildings should continue to rise as lease rates increase dramatically due to historical low vacancy rates,” says CB Richard Ellis first vice president Ed Mitchell, in the report.

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