Walton Street Capital and Lincoln Property Company are gunning for Broward County industrial sites, paying $43.7 million for a Weston warehouse four months after acquiring a Sunrise facility
for nearly $19 million.
Chicago-based Walton Street, led by Eric Mogentale and Jeffrey Quicksilver, and Dallas-based Lincoln Property, led by Clay Duvall and David Binswanger, bought the 226,392-square-foot warehouse at 1600 North Park Drive in Weston, records and real estate database Vizzda show. The two-story building is within Weston Park of Commerce.
The buyers partially financed the purchase by assuming an existing $41.7 million loan from Nuveen, and increasing the debt to $78.9 million. The mortgage matures in 2028, records and Vizzda show.
The deal breaks down to $193 per square foot.
A CBRE team led by Jose Lóbon and Trey Barry represented the seller, Munich-based Manova Partners, formerly GLL Real Estate Partners.
Manova paid $30.3 million for the 13-acre site in 2018, records show. Completed in 1994, the facility is currently 54 percent occupied, according to a press release. The property was previously leased by energy drink maker Bang Energy, a subsidiary of Vital Pharmaceuticals. In 2023, the company was acquired by Monster Energy in a bankruptcy sale.
In October, Walton Street and Lincoln Property paid $18.5 million for a 77,600-square-foot warehouse on 4.5 acres in Sunrise. Two months later, the joint venture bought a 135,000-square-foot facility in Tamarac for $27 million, records show.
Walton Street has been busy wheeling and dealing in South Florida commercial properties.
In August, Walton Street sold a six-story office building near Miami International Airport to Miami-Dade County for $26.3 million.
Also last year, Walton Street acquired a two-story assisted living facility with 136 units in unincorporated Palm Beach County for $23.5 million.
In other industrial deals this month, Dallas-based Xebec Realty International sold a Miami warehouse completed in 2023 for $26.8 million, and Boca Raton-based IP Capital Partners dropped $25.7 million for a cold storage facility near Miami International Airport.
Last month, San Francisco-based Prologis sold a 3.4-acre site also near the airport to Miami-Dade County for $17 million. As part of the deal, Prologis agreed to demolish four warehouses on the property so that the county can use the land as a staging area for expansion projects at the airport.
