The Church of Jesus Christ of Latter-day Saints’ industrial serious estate arm dropped $174.3 million for the Beacon Logistics Park in Hialeah.
Property Reserve, which invests the LDS church’s reserve funds, purchased the majority of the 1.3 million-sq.-foot industrial campus on the northeast corner of Northwest 107th Avenue and Northwest 145th Put from Codina Partners, in accordance to documents. The acquire closed in three independent specials.
Coral Gables-based Codina and San Antonio, Texas-based mostly Affinius Cash are building Beacon Logistics. Codina is led by father-daughter crew Armando Codina and Ana-Marie Codina Barlick. Affinius, led by Len O’Donnell, formerly was recognized as the partnership concerning USAA Serious Estate and Sq. Mile Cash.
Beacon Logistics features six buildings spanning 1.1 million square ft, Sebastian Juncadella, a Fairchild Companions broker leasing the campus, instructed The Real Offer. Structures A, B, E and F are finished. Properties C and D are less than construction, with completion expected following yr. Beacon Logistics also involves two outparcels that could be formulated.
Home Reserve bought Buildings A, B, E and F, as nicely as the outparcels. It will purchase Structures C and D after they are completed, in accordance to a Codina spokesperson.
In the largest of the a few offers, Property Reserve paid $97.8 million for 50 acres at 4121 West 91st Place, according to information. The web-site is composed of Buildings A and B, and the two outparcels.
Residence Reserve purchased the 8.1-acre Developing E web-site at 4220 West 91st Spot for $38.4 million, as effectively as the 8.3-acre Developing F web page at 4120 West 91st Place for $38.1 million, data display.
Building D, spanning 232,600 sq. toes, is available for lease, Juncadella explained. The rest of Beacon Logistics is leased.
In August, power applications enterprise Makita Latin America took 92,300 sq. feet at the industrial campus. Affect windows organization All Glass Creation experienced prepared to move into Setting up D, but instead took house in Pembroke Pines, sources experienced advised TRD.
Assets Reserve, based in Salt Lake Town, Utah, was launched in 1961, in accordance to its LinkedIn. It’s led by CEO Ashley Powell.
In the Chicago space, Home Reserve bought a 40-tale, 397-unit South Loop condominium tower at 1001 South State Street in 2018. Soon just after that deal, Residence Reserve paid $70.6 million for the Bridge Issue complicated at 555 Northwest Avenue in Northlake, in close proximity to Chicago.
Independent from Property Reserve, The Church of Jesus Christ of Latter-working day Saints has confronted criticism around the dimensions of its investment decision portfolio and the restricted community disclosure necessities over the church’s finances. A 2019 whistleblower grievance around LDS church’s $100 billion investment portfolio and its investment decision portfolio supervisor, Ensign Peak Advisors, led to an investigation, the Wall Road Journal noted. Very last calendar year, the church and Ensign Peak Advisors settled for $1 million and $4 million, respectively, around the SEC’s claims that the church’s investment decision portfolio was obscured through the use of about a dozen restricted legal responsibility providers. The church and Ensign neither admitted nor denied wrongdoing in the settlement.
Property Reserve closed the Beacon Logistics buy in late December. The deal marks the second biggest industrial expenditure sale in South Florida of 2023. In the biggest offer, Longpoint Companions bought 25 industrial buildings spanning 1.4 million square toes across Miami-Dade and Broward counties for a merged $262 million.
