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PEMBROKE PARK, FL-New York City-based private equity firm KTR Capital Partners has acquired 31 acres of land with plans to build four industrial buildings ranging in size from 100,000 to 165,000 sf.

The land is located within the Seneca Industrial Park in southeast Broward County and is located midway between the Miami and Fort Lauderdale airports and ports. KTR Capital Partners principal A. Donald Chase, Jr. says building approvals for the project are in place. The company plans to begin construction in the fall on the first two buildings, which will be completed on a speculative basis. The two other buildings will be constructed shortly after on a build-to-suit basis. “We are excited about our first ground-up development in the land constrained area of South Florida,” Chase says.

This is the KTR Capital Partners second transaction in Broward County in recent months. In May, the company 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 was purchased on behalf on Keystone Industrial Fund, a $500-million fund focused on value-added investments in the industrial real estate sector.

According to a CB Richard Ellis Q2 industrial market report, the Broward County industrial market has been thriving in recent months. In southeast Broward County where the new buildings will be constructed, there is 24.4 million sf of total space with only 45,000 sf of space currently under construction. The vacancy rate is 1.4% with average asking rental rates of $7.25 per sf. So far this year, there has been 195,390 sf of absorption, the report says.

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