X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the industrial market, click here.)

MIAMI-Chicago-based First Industrial Realty Trust has entered South Florida with the opening of an office here and two initial acquisitions encompassing a potential of 424,000 sf. Jeremy Shapiro, a Florida native with 27 years of industry experience here, most recently as director of development and VP at Coral Gables-based Codina Development Co., has been named First Industrial’s South Florida regional director.

Shapiro tells GlobeSt.com, “We don’t have a limit on investment here. The problem is finding deals in a saturated market, not funding.” The company’s initial acquisitions here are funded by FirstCal, a $950-million JV with CalSTERS, and Shapiro says, “in addition to FirstCal, we have other sources–deep, deep pockets–of available funding to be invested, depending on the type of product and the exit strategy. Finding deals that make sense is the challenge.” He says his search includes existing buildings, buildings for repositioning, land, and “we especially like sale-leasebacks.”

The initial acquisition is a 268,000-sf facility in Medley. Shapiro declined to disclose the price. On condition of anonymity, sources familiar with industrial buildings in that submarket tell GlobeSt.com the price was probably in the $60-per-sf range. Shapiro says the current full-building tenant is vacating, and the asking rental rate is $6.75 per sf, industrial gross.

The company also acquired an eight-acre site in Flagler Station Business Park, which Shapiro says is “fully entitled and developable–ready to go” for development of up to 156,000 sf. The seller is a local investor with other land in the park. Again, Shapiro declined to disclose the land price, but says, “generically, prices for land here are between $10 per sf and $15 per sf.” GlobeSt.com’s source says this land “probably was near the upper reaches,” and estimates the total price tag at “approximately $5 million.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt. NET LEASE 2020Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.