South Florida Industrial Facility Sells for $30M
- Jun 15, 2018
CBRE Capital Markets has arranged the sale of a 226,392-square-foot industrial asset in Weston, Fla. GLL Real Estate Partners, a division of the Macquarie Group, purchased the warehouse for $30.4 million, according to public records. CBRE represented the sellers, Becknell Industrial and its institutional partner.
Located at 1600 N. Park Drive, the cross-dock warehouse is fully leased, with part of the building serving as the headquarters for Vital Pharmaceuticals Inc., and the other portion as the South Florida distribution hub for Mondelez International Inc. The 534-foot deep building features 110′-175′ truck courts, 25-foot clear span heights, trailer storage and high-throughput 2.1 loading doors per 10,000 square feet.
The property is situated within the Weston Park of Commerce, in the Southwest submarket of Broward County. According to a CBRE report, rents have grown considerably in the area, while industrial vacancy rates are currently the second lowest in Florida.
CBRE Vice Chairmen Christian Lee and Chris Riley, along with Senior Vice Presidents José Lobón and David Wigoda, represented the seller in the transaction. Recently, CBRE facilitated the $13.5 million sale of Millennium Plaza, in the same area.
“Located only four miles from the region’s most significant highway interchange, the confluence of I-75/I-595 and the Sawgrass Expressway allows for distribution to 80 percent of the region’s 6.1 million people within a 60-minute drive time. Additionally, this location is only 1.5 miles from the westbound I-75 interchange, which affords the property excellent access to the Southwest Florida region and the best transportation dynamics in the entire South Florida MSA,” said Lobón, in a prepared statement.
Image courtesy of CBRE