Tag Archive for: south florida investment properties

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

Tom Robertson and Michael Rauch

Tom Robertson and Michael Rauch

Michael Rauch and Tom Robertson, Senior Managing Partners with CRE Florida Partners, closed over 603,110 square feet of office, industrial and land sale and lease transactions valued at $25,162,500 in 2015.

Noteworthy deals that CRE Florida Partners closed include:

  • Nashville, Tennessee-based Hospital Corporation of America (HCA) (NYSE: HCA), a for-profit operator of health care facilities and largest such operator in the world, leased 22,700 square feet in a new, state-of-the-art, medical buildings at Lake Whitney Medical and Professional Park, located at 291 NW Peacock Blvd. in Port St. Lucie West, within Lake Whitney Medical and Professional Campus. The deal closed in June 2015. Tom Robertson represented the landlord in the deal.
  • Brookdale Corp. (NYSE: BKD), which merged with “Nurse On Call,” provides home healthcare solutions through skilled nursing and rehabilitation, leased 11,351 square feet at Lake Whitney Medical and Professional Park, representing an expansion of its facilities. Brookdale Corp., with nearly 50,000 associates and more than 600 retirement communities, is the largest owner and operator of senior living communities throughout the United States. The deal closed in June 2015. Tom Robertson represented the landlord in the deal.
  • Sand & Steel Properties LLC purchased an industrial property located at 3411 SW 11th Street in Deerfield Beach, FL. for $1,840,000 or $86.94 per square foot. The 21,165-square-foot facility, which is situated on 1.3 acres, was built in 1987 and fronts on both 10th and 11th Street. Robertson, who represented the leasing interests for the property on behalf of the seller, 3411 Building LLC, since 2002, represented the seller in the transaction. The deal closed in October 2015.
  • Rauch and Robertson represented the seller in the sale of an industrial property located at 2150 NW 33rd Street in Pompano Beach, FL. The 1988-built, 15,656-square-foot facility, which is situated on 1.02 acres, is located within the Whispering Lakes Industrial Park near Sample Road and Powerline Road in Pompano. Allied Bingo Supplies of Florida, Inc. purchased the property from ACE Investment Holdings, LLC for $1,430,000, or $91.34 per square foot. The deal closed in December 2015.

“We anticipate this level of activity of lease and sale transactions to continue in 2016 within Broward and Palm Beach County markets – and certainly within the Pompano Beach area,” commented Rauch.

“As a result of the limited supply of investment product in the area and overpriced assets in Miami, Broward and Palm Beach continue to see steady demand and explosive growth and we expect it to outperform other markets across the U.S.,” added Robertson.

CRE Florida Partners is seeking leasing and investment sales professionals for its growing commercial real estate expansion in Dade, Broward and Palm Beach counties.

Multiple positions are available within these and other Florida markets that offer a unique ground floor career opportunity to work closely with the firms Founder’s Tom Robertson and Michael Rauch to move their vision for the CRE Florida Partners brand forward.

Commission and benefits are commensurate with experience. Florida Real Estate License and Commercial Real Estate experience a must! Only qualified candidates should apply.

Interested parties should send resumes to mail@crefloridapartners.com.

Links:  CRE Florida Partners 2015 Transactions and Subject Property Photos