Stockbridge Buys 5 Miami-Area Warehouses for $117M

Stockbridge purchased the fully leased warehouse portfolio in Miramar, Fla., that was owned jointly with JP Morgan Asset Management.
11600, 11650 and 11740 Miramar Parkway. Image courtesy of CBRE

Stockbridge has acquired a five-property, 607,223-square-foot warehouse portfolio in Miramar, Fla., for a total of $116.5 million. Industrial developer IDI Logistics, together with institutional investors advised by JP Morgan Asset Management, sold the fully leased, Class A portfolio in the city northwest of Miami.

The deal follows on the heels of Stockbridge’s purchase this month of a 26-asset industrial portfolio spanning 6.3 million square feet from Westcore Properties. The latest sale includes a cluster of three warehouses at 11600 Miramar Parkway, 11650 Miramar Parkway and 11740 Miramar Parkway, plus a pair of properties less than 4 miles to the west at 15701 SW 29th St. and 2501 160th Ave.

The portfolio features rear-load configurations, clear span heights ranging from 18 to 32 feet, an average office finish of 25 percent and truck courts ranging 75 to 190 feet deep. The warehouses are sited within institutionally maintained business parks.

Booming Broward County

CBRE’s Capital Markets division executed the sale, with a team of Vice-Chairmen Chris Riley and Christian Lee and Executive Vice President José Lobón representing the seller. Ivanhoé Cambridge acquired Atlanta-based IDI Logistics and all its assets last November before selling a 50 percent stake in the company to Oxford Properties in January.

Miramar is one of the largest cities in Broward County, which has seen 15.6 million square feet of industrial absorption over the last 5 years, nearly triple the 6.9 million square feet of new deliveries, according to a statement by CBRE. In South Florida overall, the industrial market absorbed 36.9 million square feet of space over the same period of time, nearly double the 22.3 million square feet of deliveries.

San Francisco-based private equity real estate firm Stockbridge and its affiliates have about $14.4 billion of assets under management as of the first quarter of this year. The company landed $350 million in financing for its recent deal with Westcore Properties, which involved industrial assets across nine markets primarily on the West Coast.