MIAMI-Boston-based private equity firm TA Associates sold thePalmetto Distribution Center to AMB Property Corporation for $66.5million. The transaction is Florida’s largest on the industrialfront this year.
What’s more, the sale of Palmetto Distribution Center is alsoFlorida’s lowest-recorded cap rate for a major industrial assetsince the market downturn in 2007. The $66.5 million sale priceequates to a 5.9% cap rate on year one income.
Mike Davis, executive director of Cushman & Wakefield’sSoutheast Capital Markets Group, along with Brian Smith and WayneRamoski, both executive directors of Industrial Brokerage for thefirm, negotiated the sale on behalf of the seller.
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