Buyer Takes Industrial Site for $12M-Plus

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SUNRISE, FL-New York-based KTR Capital Partners has purchased 251 International Parkway for $12.65 million. The 178,791-sf building is a warehouse/distribution facility that is located on nine acres within the Sawgrass International Corporate Park, a 612-acre development in Western Broward County.

The building, which is occupied by perfume retailer Perfumania under a long-term lease, was purchased on behalf of Keystone Industrial Fund, a $500-million fund focused on value-added investments in the industrial real estate sector. KTR vice president P.J. Charlton tells GlobeSt.com that the sale price represents about $71 per sf and is a good fit with other buildings in the company’s portfolio. “251 International Parkway fits well within our South Florida portfolio because it is a modern facility strategically located and is leased long-term. This building brings our total portfolio in South Florida to just over 700,000 sf, all acquired in the last year. It is a strong start towards our goal of owning a critical mass of industrial property in the region.”

KTR Capital Partners is a private equity firm established in 2004 to continue real estate activities of Keystone Property Trust. Other Florida properties owned by KTR include the 407,616-sf Quorum Business Center in Deerfield Beach, a 114,510-sf industrial building at 1111 NW 165th St. in Miami and a 135,360-sf facility at 6595 Pritchard Rd. in Jacksonville. The company also owns property in Arizona, Illinois, New Jersey and Texas.