Granite REIT is the latest institutional out-of-towner to dip into South Florida for the first time.
An affiliate of the Toronto-based real estate investment trust, led by CEO Kevin Gorrie, paid $36.3 million for a Coral Springs industrial complex, records and real estate database Vizzda show.
A JLL team led by Luis Castillo and Cody Brais represented the seller, a joint venture between Charlotte, North Carolina-based Barings and Arkadia Property Group, a press release states. CEO Mike Freno leads Barings, a global investment arm of Massachusetts Mutual Life Insurance Company. Arkadia is a Bal Harbour-based commercial real estate firm led by Chairman Richard Kilstock.
Barings and Arkadia sold the property, known as Coral Springs Logistics Center, for $5.3 million above the previous sale price of $31 million in 2022, records show. The 7-acre site at 3850-3872 Northwest 126th Avenue consists of two warehouses built in 2020, totaling 128,563 square feet.
Both buildings are fully leased to tenants Exclusive Trim, a regional wholesale building materials company, and Marc Refrigeration, a commercial refrigerator manufacturer, the release states.
Granite REIT focuses on industrial real estate, with roughly 63.3 million square feet of warehouse space in North America and Europe. The trust owns 66 industrial properties in Georgia, Illinois, Indiana, Kentucky, Mississippi, Missouri, Ohio, Oregon, Pennsylvania, Tennessee and Texas, according to Granite REIT’s website.
Other new entrants into the South Florida commercial real estate market include Continental Realty Corporation. Last month, the Baltimore, Maryland-based firm dropped $87.5 million for CityPlace Doral, a multi-level retail center in Doral anchored by a Fresh Market store. In May, Atlanta-based industrial real estate firm Envision Cold made its first foray into the tri-county region by picking up a cold storage complex in Miami’s West Little River. Envision Cold paid $47.2 million for three freezer warehouses.
