Large Industrial Portfolio in FL Trades for Nearly $117M
The 607,223-square-foot portfolio is 100% leased and includes three dock-high distribution buildings and two grade-level buildings.
MIRAMAR, FL—IDI Logistics has sold a five-building industrial portfolio here to San Francisco-based Stockbridge for $116.5 million.
The 607,223-square-foot portfolio is 100% leased and includes three dock-high distribution buildings and two grade-level buildings. Atlanta-based IDI Logistics, a leading investor and developer of logistics warehouses, and institutional investors advised by J.P. Morgan Asset Management, was exclusively represented by the CBRE Capital Markets team of vice chairman Chris Riley, vice chairman Christian Lee and EVP José Lobón.
The Class ‘A’ industrial portfolio features rear-load configurations, 25% average office finish, ample dock loading, clear span heights ranging 18’ to 32’, and truck courts ranging 75’ to 190’ deep.
“The market fundamentals in South Florida are tremendously robust. The South Florida industrial market absorbed 36.9 million square feet over the last five years, nearly doubling the 22.3 million square feet of new deliveries over the same timeframe,” CBRE’s Lobón says. “This ratio is even more impressive in Broward County where absorption of 15.6 million square feet has almost tripled the 6.9 million square feet of the new deliveries.”
The CBRE Capital Markets team also included first VP Amy Julian, with CBRE’s Debt & Structured Finance, financial analyst Royce Rose and SVP dent Larry Dinner with CBRE Industrial Leasing.
IDI Logistics announced on Aug. 15 that it sold one building in the company’s Park South at Richwood complex. The 442,304-square-foot Building I is one of 7 buildings located within the master-planned Park South at Richwood logistics park in Boone County, KY. The park offers nearly 5 million square feet of logistics space with just over 1 million square feet still available in Building B.
The new owner, a global package delivery and supply chain management company, plans to expand its presence in the Cincinnati market by opening a package sort center in the facility.