SunCap Trades South FL Industrial Asset
- Jul 23, 2019
SunCap Real Estate Investments has sold 300 International Parkway, a 58,961-square-foot warehouse and distribution center near Ft. Lauderdale, Fla., to Le Forte Investment for $8.7 million. Reinsurance Group of America provided a seven-year, $5.2 million acquisition loan to the new owner, according to Broward County records.
The asset is located within the Sawgrass International Corporate Park in Sunrise, Fla., next to the Sawgrass Expressway at its intersection with interstates 75 and 595. The property is across the street from an Amazon fulfillment center and 15 miles west of both Port Everglades and Fort Lauderdale-Hollywood International Airport.
Developed in 1997, the distribution center has served as Hydraulic Supply Co.’s headquarters and primary distribution hub since the property opened its doors. The industrial supplier owned the asset until December 2018, when it sold the property to SunCap in a $5.9 million sale-leaseback deal, per public records. The tenant’s lease runs through September 2028.
Greg Miller, Scott O’Donnell and Dominic Montazemi of Cushman & Wakefield’s Capital Markets team negotiated the deal on behalf of SunCap. Part of the same team assisted the seller in the March disposition of Miami 25 @ MIC. The flex property traded for $8.6 million.