The purchase of the three-building property highlights the healthy appetite among institutional investors for South Florida industrial product.

Element Critical's Northern Virginia facility at 7990 Quantum Drive was built in 1978 and acquired by Safanad Industry Capital Internet Infrastructure, L.P. in 2016 from The Meridian Group.

The properties in the portfolio have an average vintage of 2004, boast low vacancy rates, and offer affordable options for renters in attractive Texas and Florida markets, Starwood Capital states.

The Clark County Commissioners voted unanimously to approve the $850 million resort development.