Equity Office Pays More Than $110M For Portfolio In Broward & Palm Beach
Prologis just sold a portfolio of properties in Broward and Palm Beach counties to Chicago-based Equity Office for more than $110 million, property records show.
The portfolio includes industrial buildings in Delray Beach, Mangonia Park, Hollywood, Dania Beach, Fort Lauderdale, Pompano Beach and Coconut Creek. The deal was financed with an $83.5 million loan from Wells Fargo.
Equity Office, which is owned by the Blackstone Group, also bought properties in Seminole and Miami-Dade counties, as well as Illinois and Wisconsin. The sales in Miami-Dade County have not yet cleared records. Prologis and Equity Office were not immediately available to comment.
Records show the Blackstone affiliate picked up an industrial complex at 430 South Congress Avenue for $9.5 million and an industrial site at 1335 West 53rd Street for $4.6 million.
In Broward, industrial complexes at 3601 and 3613 North 29th Avenue in Hollywood sold for $23.5 million; properties at 3700 North 29th Avenue, 3401 North 29th Avenue and 5555 Angler Avenue in Dania Beach sold for $14.6 million; buildings at 3600 Northwest 35th Avenue, and 5535 and 5545 Northwest 35th Avenue in Fort Lauderdale closed for $12.1 million; and the warehouse complexes at 2800 North Andrew Avenue in Pompano Beach and 4801 Johnson Road in Coconut Creek sold for a combined $39.7 million.
The properties were originally owned by KTR Capital Partners, which was acquired by Prologis and Norway’s sovereign wealth fund in 2015 for $5.9 billion.
Equity Office owns a portfolio of more than 50 million square feet of office space across the country, according to its website. Blackstone acquired its assets in a $39 billion leveraged buyout in 2007.
Source: The Real Deal
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