Tag Archive for: industrial developers

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The owner of the Festival Flea Market in Pompano Beach wants to demolish the building and sell the property to an industrial developer.

The city’s Development Review Committee on March 16 will consider land use amendment and rezoning applications for the 23.8-acre site at 2900 W. Sample Road. It’s owned by Festival Real Estate LLC, an affiliate of North Miami-based IMC Equity Group, but the application says it’s under contract to Atlanta-based industrial giant IDI Logistics.

The property currently has a 382,000-square-foot commercial flea market, which was built in 1986 and is used by multiple small vendors. It’s near a Florida’s Turnpike exit. The flea market would be replaced with about 773,000 square feet of industrial space. The developer has yet to submit a detailed site plan.

IMC Equity Group acquired the property for $56 million in 2018 and initially spoke about revitalizing the flea market. In November 2021, it sold a parking lot south of the flea market to an industrial developer after it was approved for warehouses.

 

Source: SFBJ

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After receiving unsolicited offers to buy its 8.6-acre industrial site in Medley last year, KDD Properties decided to list it and see how many institutional investors would line up with competitive bids.

There were no less than 25 offers from various public and private pension funds and institutional investors,” Sky Groden of JLL, which marketed the property, told The Real Deal. “The deal ended up transacting at 25 percent higher than the unsolicited offers.”

Prologis, the behemoth industrial developer that dropped $43 million to acquire 29 acres of industrial properties in areas close to Miami International Airport last year, placed the winning bid. In December, the firm closed on the Medley property, which consists of a fully leased, 43,700-square-foot building and 5.5 acres of trailer truck parking.

More and more, industrial developers and institutional investors are looking at truck stops and construction equipment yards, like the Medley site, that offer vacant land that can be developed, Groden said.

With a limited number of big industrial properties for sale across South Florida, even major players are turning to smaller buildings on large parcels. There’s a rush to wheel and deal for any existing warehouse properties as the sector continues to outperform all others, commercial real estate experts say.

 

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