Institutional prospective buyers trying to find enormous warehouse portfolios dominated the leading five biggest industrial bargains in South Florida in 2023.
Countrywide industrial players mostly gobbled up complexes and enterprise parks in Miami-Dade and Broward counties, which are a lot more substantial industrial submarkets than Palm Seaside County.
In general, 2023’s major 5 industrial bargains blended for $590 million. That compares to final year’s biggest quintet of warehouse product sales that offered for a combined $628 million. This year’s prime five offers break down to an normal of about $168 per square foot for 2.9 million sq. ft of industrial house.
Possessing industrial warehouses is 1 of the most secure bets in South Florida’s professional serious estate landscape. In the third quarter, median inquiring rents in Miami-Dade, Broward and Palm Seaside counties jumped by 14 p.c, 16 % and 18 percent, respectively, as opposed to the exact same time period of previous year, according to a current JLL report. In the meantime, occupancy prices in the 3 counties hit about 96 %.
Below are the five priciest industrial revenue for 2023 primarily based on details delivered by Colliers and Cushman & Wakefield:
$262M | Miami-Dade/Broward portfolio | Longpoint Partners
This thirty day period, Boston-based Longpoint Companions obtained 25 industrial structures spanning 1.4 million sq. feet in Miami, Hialeah, Hialeah Gardens, Miami Gardens, Davie, Deerfield Seashore, Fort Lauderdale and Lauderhill.
Seagis, the vendor, assembled the portfolio involving 2005 and 2019, paying out a put together $93.2 million for two dozen warehouses and one particular building in Fort Lauderdale as component of a $23.2 million buy in 2007. The structures had been done involving 1975 and 2004.
$162M | Deerfield Seashore portfolio | Url Logistics
In July, Blackstone’s industrial subsidiary Connection Logistics purchased 7 properties within the Silent Waters Organization Park at 710-750 South Powerline Highway and 3155-3161 Southwest 10th Avenue in Deerfield Seaside.
Built in 2004, the warehouses increase up to a mixed 675,000 square feet. Newark, New Jersey-primarily based PGIM Authentic Estate produced the nearly 46-acre portfolio.
$113M | Hialeah chilly storage warehouse | Pontegadea
This month, Spanish spouse and children place of work Pontegadea picked up Bridge Level Chilly Logistics Center, a freezer facility in Hialeah.
Pontegadea is the non-public fairness and genuine estate arm of Amancio Ortega, the billionaire founder and operator of global retail chain Zara.
Chicago-primarily based Bridge Industrial and Newark, New Jersey-dependent PGIM True Estate sold the 20-acre web-site to Pontegadea, In 2020, the joint enterprise compensated $11 million for the house at 3995 West 108th Avenue, and concluded the chilly storage building previous calendar year.
$66M | Lauderdale Lakes industrial park | Harbert Management
Harbert Administration Company, a Birmingham, Alabama-based investment decision management organization, obtained Lauderdale Lakes Industrial Flex Park in January.
Sitting down on a 17-acre site, the 11 compact-bay warehouses are at 3435-3699 Northwest 19th Avenue and 1814-1896 Northwest 38th Avenue. The sellers, two entities managed by Steven Cooperman in North Lauderdale, compensated $5.8 million for the 360,000-square-foot industrial park in 2000.
$52M | Brownsville warehouses | Walton Street Capital
In July, Chicago-centered Walton Road acquired Seaboard Industrial Park, a sophisticated of 3 warehouses at 3455 Northwest 54th Road, 5530 Northwest 32nd Courtroom and 5400 Northwest 32nd Courtroom.
Completed in 1959 and 1968, the properties are in Brownsville, an unincorporated community in Miami-Dade County. The seller, West Palm Seaside-centered HighBrook Traders, compensated $33 million for the industrial park in 2021.
