MIAMI-A joint venture partnership of Chicago-based Higgins Development Partners and Walton Street Capital LLC has acquired the one-million-sf ABC Distributing warehouse and office facility as well as the property's 27.3 acres of adjacent undeveloped land for $90 million. The deal is being considered the year's largest industrial deal in South Florida.

The joint venture acquired the property from seller ABC Distributing. The property will be called Centergate at Gratigny. Fairchild Partners Inc. principal Jose Juncadella advised the seller in the transaction and is managing the leasing for the property. Robert Kaplan, Manuel De Zarraga and Daniel Finkle, of Houston-based Holliday Fenoglio Fowler LP, also advised the seller and arranged financing on behalf of the joint venture. "The building is extremely well located. It's very close to the Miami Airport," Juncadella tells GlobeSt.com. "This is a unique piece of property. It provides the largest chunk of space for industrial use in the market."

The one-million sf class A building is currently vacant. Among features are 32-ft clear height ceilings and the Early Suppression Fast Response sprinkler system, which allows tenants to store to the maximum height of the building without having to install "in rack" sprinkler systems. Building amenities include advanced back-up generator services and side loading buildings that separate office and warehouse/distribution traffic.

The joint venture plans to build two additional warehouse and office facilities totaling 600,000 sf. The new space will contain similar features as the existing one. Higgins Development Partners senior vice president Eugene Preston tells GlobeSt.com that the company is seeking development approvals and hopes to begin construction within six months. However, leasing efforts for the existing building will begin immediately. "We're hoping the timing will work so that the building is leased and then we begin construction on the new facilities," Preston says.

Juncadella anticipates that the leasing will be strong for both the existing and new buildings. The Airport North submarket, where the buildings are located, contains approximately 180 million sf of space, which is 97% leased. "There is a lot of pent-up demand in the market so we expect to have some major tenants lined up soon," he says.