MIAMI-Adler Group has sold five South Florida properties with a combined 1.2 million sf and aggregately valued at more than $60 million—with the exact figures kept confidential, according to CEO Michael M. Adler. The properties are in the company’s FlexxSpace portfolio–a fund consisting of dollars from Adler Group and Apollo Real Estate Investors of New York.

The Airport Technical Center LLC purchased the 50,400-sf Airland Industrial Center from Tamiami Flexspace Ltd. Sarah’s Canal Co. LLC bought Flag Industrial Center, Quail Roost Warehouses and Ideal Commercial Center, which total 218,765-sf, from Tamiami Flexspace Ltd. New Town Holding LLC bought the New Town Commerce Center, consisting of 291,547 sf of flex space, from New Town Commerce Center Ltd.

In addition, Carlyle Palmetto I-IX Trusts purchased the 492,906-sf Palmetto Lakes Industrial Park from Palmetto FlexSpace, Ltd and Vanderbilt Canal Co. LLC bought Vanderbilt Square, 162,219 sf of industrial space, from Vanderbilt Square Associates Ltd.

Adler Group sold the properties in response to demand for commercial real estate in South Florida as well as to support the company’s future ventures. “I think most people see that there’s great demand for quality real estate, and I think most people look at South Florida and the way it has performed, and most people’s portfolios don’t have that much industrial,” Adler says. These properties “meet what their needs are to meet their investment goals.”

The deals made sense for Adler “both because of the returns and because of the timing,” he adds. The first properties were acquired five to six years ago. “We chose several of our seasoned properties to sell to interested buyers in order to profit from this industry surge,” Adler says in a statement.

“We are continuing to buy properties at the same time we are selling,” he adds. FlexxSpace is investing in the same type of properties, which include typical warehouses to standard office buildings in the southeastern US.

Based in Miami, Adler Group has developed and acquired more than 14 million sf of industrial, office, retail and residential real estate. Currently, the company owns and manages a portfolio mainly consisting of multi-tenant industrial and office properties in southern US markets.

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