Stockbridge Money Group’s Terry Fancher and Sol Raso 434 Northwest 77th Avenue (Stockbridge Funds Team, Getty, Cushman & Wakefield)
In a sale-leaseback deal, Stockbridge Money Team picked up a John Deere dealership in northwest Miami-Dade County. The acquire pumps up its South Florida industrial portfolio for the second time in a two-month span.
An affiliate of San Francisco-centered Stockbridge compensated $20.1 million for the 5.6-acre assets at 4343 Northwest 77th Avenue, in accordance to information. The site has a 28,000-sq.-foot warehouse accomplished in 2012 that is occupied by the seller, John Deere dealer Dobbs Tools.
In 2017, Memphis, Tennessee-based Dobbs compensated $10.2 million for the home, documents demonstrate.
Dobbs will go on leasing the facility from Stockbridge, in accordance to a push launch.
Wayne Ramoski and Kemp Conrad with Cushman & Wakefield represented the vendor. The dealership is in close proximity to Miami Global Airport.
In Oct, Stockbridge and its partner, Industrial Out of doors Ventures, acquired a 22.7-acre improvement site in Deerfield Beach front for $59 million. The joint venture is setting up an outdoor storage facility and two warehouses.
Past 12 months, Stockbridge and Industrial Outside outbid quite a few prospective buyers, including FedEx and Amazon, for a 38.5-acre RV Park in Davie. The partnership paid out $64 million for the redevelopment web page that is accredited for 400,000 sq. ft of industrial area.
Led by Terry Fancher and Sol Raso, Stockbridge has $30.8 billion in serious estate assets beneath administration, in accordance to the firm’s website.
Stockbridge is subsequent in the footsteps of yet another San Francisco-based mostly true estate company that is bullish on South Florida industrial growth. Prologis is hunting to develop its Beacon Lakes, a 436-acre small business park in west Miami-Dade with 4 planned warehouses on 55 acres, in accordance to a recent software filed with the county. The company is looking to add a lot more than 500,000 sq. toes of industrial place to Beacon Lakes.
According to JLL, Miami-Dade’s industrial emptiness level hit an all-time very low of 1.8 per cent in the 3rd quarter, when compared to 4.5 percent through the very same interval of very last 12 months. As a consequence, landlords pushed the typical inquiring rent to $14.35 a square foot, an boost of $5.51 in contrast to the third quarter of very last yr, JLL located.
