Three-Building Industrial Portfolio in Sunrise Trades for Nearly $40M
- May 03, 2013
By Georgiana Mihaila, Associate Editor
CBRE recently assisted Irving, Texas-based Cobalt Capital Partners in finding a buyer for a three-building, Class A industrial portfolio located within the prestigious Sawgrass International Corporate Park in Sunrise, Fla. Industrial Income Trust of Denver paid $39.35 million for the Sunrise Distribution Center, located at 900 International Pkwy., 14599 NW 8th St. and 13801 NW 4th St.
Totaling 401,650 square feet and featuring 24- to 26-foot clear heights, the buildings in the portfolio were first acquired by Cobalt Capital in August 2010, at the time boasting a 91 percent occupancy rate with one vacancy. Cobalt leased the vacant space and renewed two other tenants on a long-term basis during its ownership.
“This transaction is a good example of our value-add program in the light industrial sector,” said Lewis D. Friedland, Cobalt’s Managing Partner. “Through leasing activity and capital improvements, our asset management and leasing teams worked together to add a significant amount of value to this asset for our investors.”
As part of the Sawgrass International Corporate Park, the buildings benefit from access to nearby interchange of I-75, I-595 and Sawgrass Expressway. Buyer Industrial Income Trust owns two other properties within the Corporate Park.
Christian Lee and Chris Riley, both vice chairmen within CBRE Investment Properties, represented seller Cobalt Capital Partners, assisted by Charles Foschini, vice chairman of Debt & Equity Finance; Tom O’Loughlin, vice president of Industrial Properties Brokerage; and José Lobon, associate of Capital Markets Institutional Group.
In other industrial news, Terreno Realty Corporation signed a Miami-based paperboard packaging and printing company to occupy one of its properties in Doral, Fla. The company, whose name has not been disclosed, will occupy the entire 75,000-square-foot facility at 1401 NW 78th Ave. starting June 1, 2013, with the lease ending October 2020.
Images via Cobalt Capital Partners
For more Miami market data, click here.