FORT LAUDERDALE, FL—Butters Construction & Development is shedding some industrial assets as the South Florida industrial property market continues trending upward. Butters sold a four-building, 208,590-square-foot industrial portfolio to Industrial Income Trust for $18.9 million. The sales price translates to $90 a square foot.

Malcolm Butters, president of Butters Realty & Management, in conjunction with Douglas Mandel, a vice president investments in Marcus & Millichap’s Fort Lauderdale office, brokered the sale. The assets included Tamarac Business Center, Tamarac Commerce Center, Sunny Morning Foods and the Sun Sentinel building.

“We are excited about starting our relationship with IIT on this Broward County acquisition as well as with working with them on their new Miami development,” Butters said in a statement. “IIT is quickly becoming one of the most active industrial REITs in the United States.”

The industrial portfolio was 100% occupied at the time of sale. A diversified group of industrial properties, the portfolio offers a blend of single-tenant and multi-tenant assets across several of product types, including warehouse, flex and cold-storage distribution.

“Industrial fundamentals are strengthening and buyers are looking for core industrial product,” Mandel tells GlobeSt.com, noting that the sector’s stability and ties to growth-leading industries and higher spreads relative to the cost of debt are driving demand. Mandel sees a strong year ahead for South Florida industrial assets: “If I had more, they would sell.”