MIAMI-Boston-based TA Associates Realty has acquired two industrial buildings at 3510 NW 60th St. and 5959 NW 35th Ave. for $6.15 million. The building, 59,000 sf and 53,000 sf, are 100% occupied by Parts Depot Inc., a national distributor of car accessories and parts.
The seller was AMG Properties Inc., which was represented by Steve Jones, of Industrial Group Realty. Cushman & Wakefield senior director Brian Smith represented the buyer. Smith tells GlobeSt.com the seller had originally owned the Parts Depot business, which it sold, but continued to own the property and remain as a landlord. "With cap rates down, the seller decided it was a good time to sell the property," Smith says.
TA Associates Realty is an institutional owner with more than 6.5 million sf of industrial space in South Florida and more than 90 million sf nationwide. Smith says the buyer looks for opportunistic acquisition opportunities. "The property is located in a submarket the buyer liked," he says. "The returns were sufficient on the buildings so the deal made sense."
The buyer intends to hold the buildings over a period of time. The property is in good condition, so minimal capital improvements are needed, Smith adds.
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