Chick-Fil-A is boosting its fowl rapidly meals distribution in South Florida after obtaining a Weston warehouse for $50.5 million.
An affiliate of the Atlanta-centered chain bought the 207,335-sq.-foot facility at 3225 Meridian Parkway that was concluded in 1995, documents show. The offer breaks down to $244 for every sq. foot.
The seller, a fund managed by Boston-based Cabot Properties, paid out $30 million for the 15.8-acre industrial web-site in 2019, documents exhibit. The home is in the Weston Park of Commerce.
The acquire marks Chick-fil-A’s to start with acquisition of a South Florida warehouse to provide and distribute foods to its restaurants in Miami-Dade, Broward and Palm Beach counties. The quick meals chain, led by CEO Andrew Truett Cathy, owns nine other distribution centers in the Midwest and South U.S.
In 2020, Chick-Fil-A entered the South Florida current market by announcing it would open 7 places to eat in the location. Considering that then, the enterprise has opened 47 Chick-fil-A shops in Miami-Dade, Broward and Palm Beach front counties.
Industrial trades in South Florida continue to be continuous. Past thirty day period, EQT Exeter, a Radnor, Pennsylvania-primarily based authentic estate financial investment believe in, acquired a warehouse and place of work setting up in Doral for $14.5 million.
In January, Boston-primarily based Longpoint Companions paid $30 million for six industrial services near Medley and Doral. The properties have a put together 126,050 sq. toes of warehouse place.
The identical thirty day period, Coral Gables-primarily based ComReal sold Lakes Edge Innovation Heart, an 80,158-square-foot warehouse in Doral. Aventura-based mostly actual estate investor Sebastian Guejman paid $17.5 million for the assets.
Also in January, a joint venture involving Baltimore, Maryland-centered ABR Money, and Darien, Connecticut-based East Funds Partners paid $38.5 million for 6 industrial warehouses and two workplace structures in close proximity to Medley. Miami-dependent Cofe Properties bought the portfolio.
In the fourth quarter, the industrial market in Miami-Dade, Broward and Palm Beach counties had vacancy rates of 3.2 p.c, 3.5 percent and 4.2 %, respectively, in accordance to a CBRE report. The normal inquiring hire in the tri-county region was about $15.60 for every sq. foot.
