CBRE Arranges Sale Of 226,000 SF 100% Leased Weston Facility

Jun 12, 2018 No Comments by

CBRE has executed the sale of 1600 North Park Drive in Weston.

The 100% leased, 12.9-acre industrial facility was sold to GLL Real Estate Partners, the real estate equity investment platform for Macquarie Infrastructure and Real Assets, a division of the Macquarie Group.

The sellers, Becknell Industrial and its institutional partner, were exclusively represented by the CBRE Capital Markets team of Christian Lee, Vice Chairman; Chris Riley, Vice Chairman; José Lobón, Senior Vice President; and David Wigoda, Senior Vice President.

The property is strategically situated within the renowned and professionally landscaped Weston Park of Commerce.

 

“Located only four miles from the region’s most significant highway interchange, the confluence of I-75/I-595 and the Sawgrass Expressway allows for distribution to 80% of the region’s 6.1 million people within a 60-minute drive time,” explained CBRE Senior Vice President José Lobón. “Additionally, this location is only 1.5 miles from the westbound I-75 interchange, which affords the property excellent access to the Southwest Florida region and the best transportation dynamics in the entire South Florida MSA.”

1600 North Park Drive is a 226,392-sq.-ft. cross-dock distribution warehouse leased to two tenants. One half of the building serves as the headquarters for Vital Pharmaceuticals, Inc., (“VPX Sports”) an industry-leader in sports beverages and supplements, and the other half serves as the South Florida distribution hub for Mondelez International, Inc., (“Mondelēz”), one of the largest multinational snack food and beverage companies in the world. The 534’ deep distribution building features 110’-175’ deep truck courts, 25’ clear span heights, abundant trailer storage and high-throughput 2.1 loading doors per 10,000 sq. ft.

The property is located within Broward County’s Southwest submarket, where industrial rents have historically outperformed all other submarkets in the area, with rents registering at $8.20 PSF in 4Q17, 16% higher than Broward County market rent. Since 2011, Southwest Broward has absorbed 1.8 million square feet, allowing landlords to increase market rents by a 35% over that same timeframe. Overall, Broward County’s 2.9% industrial vacancy rate is currently the second lowest industrial vacancy in the State of Florida.

The CBRE Capital Markets team representing the seller also included Amy Julian, Vice President with CBRE’s Debt & Structured Finance, and Financial Analyst Joseph Chick.

 

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Broward County Industrial / Flex, Industrial / Flex, Industry News, NA
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