MIAMI-Boston-based TA Associates Realty has acquired a three-property, 471,000-sf industrial portfolio from Scheck Family LLC, a private, locally based entity, for $18.5 million. The deal equals just under $40 per sf. The properties include a 293,000-sf facility in the Hialeah submarket here and 90,000 sf and 88,000 sf in Regency Industrial Park in Orlando, and Tampa East Industrial Park in Tampa, respectively.

These assets represent the Florida portion of Scheck's 727,189-sf portfolio, all fully leased to Lagasse Inc., a New Orleans-based subsidiary of United Stationers. The other properties are a 185,000-sf facility in Atlanta and a 71,000-sf one in Raleigh, NC. Following the sale of Sweet Paper Sales Corp. to Lagasse in July 2005, Scheck commissioned Grubb & Ellis to market the entire portfolio.

Jonathan Kingsley, managing director, and Grant Savage, VP in Grubb's office here, along with Brian DiRienzo, VP in its Boca Raton office, headed the effort. At that time, Kingsley told GlobeSt.com the portfolio was being marketed as a package with the Lagasse master lease. Savage tells GlobeSt.com, "we split off the Florida portion of the portfolio. We are not actively marketing the Atlanta and Raleigh portion until the owner determines what direction to take."

The Grubb team was sole broker in the negotiations with TA. The Lagasse lease "extends for about four more years," Savage says. In July, Kingsley estimated the rental rate for all five properties was about $2.6 million a year. Savage declined to break down rates for the three Florida properties. While there was no asking price for the portfolio, Savage confirms that this portion was in line with the earlier estimate of approximately $30 million, "or in the range of $40 per sf," for the aggregated properties.

With this acquisition, TA expands its already significant presence in Greater Miami and Florida, "while capturing the rental income generated by Lagasse's long-term lease," Kingsley points out. Among TA's other Florida assets are the three-building, 280,000-sf Doral Costa Office Park and Continental Plaza in Coconut Grove.