Cabot Properties buys Miramar warehouse in Broward County for $ 72 million – Commercial Observer
Boston based Cabot Properties bought a Broward County distribution center for $ 71.55 million, according to the brokerage firm Cushman and Wakefield, who represented the seller, Bridge development partners.
Located at 15501 South West 29th Street in Miramar, Florida., the Point Miramar Bridge industrial complex is located along Highway 75, within eight miles of Everglades National Park. The 304,428 square foot property has 46 truck loading docks.
“The proximity to the ports of Fort. Lauderdale and nearby amenities provide a strategic advantage for tenants, ”said C&W Dominique montazemi said in a statement. Mike davis, Rick Bruges and Rick colon of C&W also worked on the case.
Cabot Properties considering leasing the property, having retained the C&W leasing team. The private equity real estate company specializes in logistics real estate. Since 1986, it has invested more than $ 12 billion in logistics real estate with more than 4,000 tenants and operated more than 1,500 buildings totaling more than 200 million square feet, according to the company.
Bridge Development acquired the Miramar industrial complex for $ 38 million in 2019, according to real estate records. Based in Chicago, the company, like Cabot, specializes in the exploitation of industrial property, holding assets across the country and in the United Kingdom.
south florida the industrial market is booming, having experienced its strongest quarterly performance in 11 years, according to brokerage data Newmark.
Vacancy rates fell half a percentage point to 4.6% between the first and second quarters of 2021, according to Newmark. Average asking rent increased 28 cents to $ 9.29 per square foot. The net absorption rate followed suit, gaining one million square feet.
Julia Echikson can be reached at [email protected].