Spanish billionaire Amancio Ortega’s actual estate household office environment is expanding its cold storage company, getting its 2nd Hialeah freezer facility in seven months.
An affiliate of Ortega’s Pontegadea paid a neat $113 million for Bridge Stage Cold Logistics Heart, a 312,000-sq.-foot warehouse at 3995 West 108th Street, information and Vizzda present. The offer breaks down to just above $360 per sq. foot.
The vendor, a joint enterprise among Chicago-based mostly Bridge Industrial and Newark, New Jersey-primarily based PGIM Authentic Estate, paid $11 million for the 20-acre web site in 2020, and completed the cold storage warehouse past year, information clearly show.
The assets is totally leased to FreezPak, a New Jersey-based mostly food stuff logistics company.
In June, the identical Pontegadea affiliate acquired one more cold storage facility in Hialeah from Blackstone for $43.3 million. Ortega, founder of world-wide clothing retailer Zara, established Pontegadea to handle his private equity and real estate investments. The firm’s very first invest in was an workplace making in Madrid for all-around $556 million in 2011.
In the U.S., Pontegadea’s commercial serious estate holdings exceed $1 billion, including an entire Lincoln Street block in Miami Beach, downtown Miami’s Southeast Fiscal Center and the Kimpton Epic Hotel, also in downtown.
Pontegadea’s buy of Bridge Level Cold Logistics Middle is the second 9-determine industrial offer this thirty day period. Boston-primarily based Longpoint Companions acquired a portfolio of 25 South Florida industrial properties from Conshohocken, Pennsylvania-centered Seagis Property Team. Longpoint paid a combined $115.6 million for warehouses in Broward County and $146.5 million for industrial properties in Miami-Dade.
South Florida’s industrial industry stays the region’s bellwether business genuine estate sector as institutional buyers vie for tenants searching for warehouse place. This month, nationwide company Pella Home windows & Doors paid $45 million for a warehouse in Medley that residences the headquarters of yet another door and home windows maker.
In November, a joint undertaking led by Coconut Creek-centered Butters Team bought a lately concluded warehouse in Plantation to a pharmacy owner organizing on employing the facility for his business enterprise. An entity managed by David Rabbani, president of Hallandale Pharmacy in Dania Beach front, compensated $29.8 million for Dawn Logistics Centre.
