NorthBridge Partners Acquires Elevate Broward Industrial Campus from Harbert for $81.5M

NorthBridge Partners, based in Wakefield, Massachusetts, acquired three warehouse buildings within the Elevate Broward industrial park in Lauderhill, Florida, for $81.5 million ($227/SF). The total portfolio spans 359,262 square feet and includes a 281,912 SF building at 3435-3699 Northwest 19th Street and two smaller buildings at 1814-1838 and 1842-1896 Northwest 38th Avenue. The properties were built in the 1970s and are 82% leased. Seller Harbert Management Corporation, led by CEO Travis Pritchett, had acquired the assets for $65.8 million in two transactions in 2023, realizing a 24% gain over approximately three years. - NorthBridge Partners: Wakefield, MA-based industrial investor with more than $3 billion AUM across 12.5 million square feet in 12 states. - Harbert Management Corporation: Birmingham, AL-based alternative investment firm; divesting the South Florida industrial position after a successful short-term hold. No external financing details disclosed.