Bristol Group Adds 98,300 SF to its South Florida Portfolio

MIAMI GARDENS, FL-San Francisco-based Bristol Group Inc. acquired two fully leased industrial buildings aggregating 98,300 sf in Palmetto Lakes Industrial Park. Both the price and the seller's identity were undisclosed. On condition of anonymity, a Miami-Dade industrial broker tells GlobeSt.com the price was probably in a range of from about $40 per sf to $45 per sf, which would put the acquisition near the $4-million mark.

David Williams, Bristol's director of acquisitions for the South Florida market, represented the buyer, and Bill Webb III of locally based Webb & Associates represented the seller. Both dock-high buildings were completed in the late 1970s and have clear ceiling heights of between 20 and 24 feet.

Royaltex Linen Inc. is the current tenant in the larger, 60,000-sf, property at 5125 NW 165th St. Two tenants occupy the 38,300-sf building at 4701 NW 65th St. Williams tells GlobeSt.com, "all of the leases are long-term and have approximately five years remaining." He declined to disclose the rental rates. According to first-quarter data from the local office of Cushman & Wakefield, the average asking rate for warehouse/distribution facilities in the Miami Lakes submarket is $6.16 per sf. Data for the same quarter from CB Richard Ellis puts the average at $6.10 per sf.

"We look to invest in toll-gate markets for US importing and exporting," Williams says. "We're targeting South Florida, Northern New Jersey, Chicago and Southern California." The company's South Florida portfolio encompasses approximately 1.2 million sf of class A and B space, he says. It includes Seneca Industrial Park, a 106-acre master-planned business park Bristol is developing in Southeast Broward County, which currently includes six buildings aggregating 882,000 sf and has an additional 500,000 sf in the development pipeline. The company has also recently renovated Bristol Distribution Center, a 203,000-sf industrial building in Sunshine Industrial Park in Dade County.