The home at 15998 Walgreens Travel near Jupiter with MG3 Group’s Marcelo Saiegh, Gustavo Bogomolni and Hernan Leonoff (CBRE, MG3 Developer)
MG3 Group is upping the stakes on its industrial actual estate wager.
The firm’s serious estate financial investment have faith in, or MG3 REIT, dropped $78 million for the Walgreens Distribution Centre, an industrial facility that spans 98 acres in west Palm Seaside County, in accordance to the buyer’s information release. The residence at 15998 Walgreens Generate is west of Jupiter, around Bee Line Freeway and Pratt Whitney Street.
In the sale-leaseback, Walgreens sold the authentic estate but will continue to entirely occupy the 683,000-sq.-foot residence. The firm products and services 460 of its retailers from Central Florida to the Keys from this facility.
Jose Lobón and Maury Vanden Eykel of CBRE represented Walgreens.
Marcelo Saiegh, Gustavo Bogomolni and Hernan Leonoff’s MG3 Team develops and invests in Florida true estate. Primarily based in Aventura, MG3 has a potent target on constitution colleges.
Last 12 months, MG3 sold 8 campuses throughout Florida for a combined $242 million, which includes a single in Homestead and an additional in Hollywood.
The company also converted the former Miami Herald printing facility in Doral into BridgePrep Academy, a constitution university with a 1,650-college student capacity. MG3 paid out $11.6 million for the 6-acre facility in 2020.
It also has concentrated on places of work and retail. MG3 acquired the Doral Concourse place of work developing at 8400 Northwest 36th Road for $96 million last 12 months. In February, it obtained the Walmart-anchored Fontainebleau Park Plaza at 9191 West Flagler Street in unincorporated Miami-Dade County for $70 million.
The firm’s bet on the industrial market place comes as it proceeds to expertise an upward swing, a trajectory that is anticipated to hold as a result of the relaxation of the yr.
Palm Seashore County’s common asking rents strike $11.84 for every square foot in the 3rd quarter, up from $9.34 a sq. foot in the similar period of final year, in accordance to JLL. Plus, offered room is challenging to occur by, with vacancies dropping to 3.1 % in the third quarter from 3.6 per cent in the course of the similar period of previous year.
