TA Realty Snaps Up Ft. Lauderdale-Area Facility
- Oct 12, 2017
CBRE brokered the sale of Port 95, a two-building industrial business park totaling 151,389 square feet in Hollywood, Fla. Principal Real Estate Investors, a group that is part of Principal Global, sold the property to Boston-based TA Realty. According to public records, the asset changed hands for $21 million.
Located at 2800-2880 SW 42nd St., Port 95 encompasses a 46,280-square-foot, front-load facility and a 105,109-square-foot, cross-dock building. The 24-foot, clear span height, dock-high distribution facilities were completed between 1999 and 2000. Both buildings were 100 percent leased at the time of the sale to Great HealthWorks, Primeline Distributors and Goodman Distribution.
Skilled advisory team
Vice Chairmen Christian Lee and Chris Riley, alongside Senior Vice President José Lobon, worked on behalf of the seller in the transaction. The CBRE South Florida Capital Markets team also included Vice President Amy Julian, as well as Financial Analyst Joe Chick. CBRE’s Miami industrial team of Senior Vice President Tom O’Loughlin and First Vice President Larry Genet assisted CBRE in marketing the property.
“The park is surrounded by three major highway systems—Interstate 95, Interstate 595, and the Florida Turnpike—as well as Fort Lauderdale International Airport and Port Everglades,” said Lee, in a prepared statement. “TA Associates performed very well on this transaction. After being awarded this assignment, it took only two months to close the deal,” added Lobon.
The property last traded in 2002, when Principal Real Estate Investors acquired it from JP Morgan Investment Management for $9.7 million, public records show. Earlier this year, TA Realty spent $53.7 million on two Miami Class A industrial assets totaling nearly 400,000 square feet.
Image courtesy of CBRE