Cabot Properties is boosting its industrial presence in Florida with a major acquisition. The firm has bought two portfolios across more than 1.3 million square feet in the Sunshine State, at an undisclosed price.
One of the portfolios is the McCoy Logistics Center in Orlando, which takes up 837,115 square feet across three buildings. The fully occupied portfolio, as of the time of the purchase, features buildings that were built between 2022 and 2023. The features include a cross-dock facility, two rear load properties, ESFR sprinkler systems, 185-foot truck court depths, 34-foot clear heights and parking spots that fill 555 cars.
Overall, Brooks Neblett, director of investments for Cabot, said the company was intrigued by Orlando's strong economic growth and fundamentals, calling the city "one of the fastest growing metro areas in the U.S."
Cabot refers to the other as the Palm Beach portfolio, which also spans three buildings, but only across 450,505 square feet in total. The features there include 32-foot clear heights, ESFR sprinkler systems, LED lighting and up to 185-foot truck court depths. All rear-loading buildings in this portfolio were built between 2021 and 2023.
"These Palm Beach acquisitions allow Cabot to increase our scale in supply-constrained South Florida with modern, stabilized, assets situated in one of the most densely populated regions in the U.S., Keith Funston, senior director of investments for Cabot, said in a statement.
"We believe that continued demand for goods and services from the Palm Beach area's concentrated, affluent, and growing population should support healthy industrial real estate fundamentals over time. These investments further expand our presence within a competitive and evolving market."
All facilities in both portfolios are Class A properties that are fully leased.
Currently, Cabot on its website has one other property listed, 87th Avenue, a 155,136 square foot industrial site in Miami.
Meanwhile, Colliers recently listed Florida's Treasure Coast as an emerging industrial market that stands out for its location and fundamentals. Thanks to its strong demographics, infrastructure and affordability, the area saw industrial supply expand by 43 percent over the last three years, with it peaking in early 2024 along with high vacancy, which dropped to 13.8 percent. Also, the market remains cheaper than other major local Florida regions like Miami and Palm Beach.
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