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Adler Kawa pays $38M to Prologis for seven SoFla industrial properties
Aventura investment firm Adler Kawa just paid $38 million to Prologis for a portfolio of seven industrial properties in Broward and Palm Beach counties.
The seven properties were sold through separate transactions recorded Tuesday, according to county records. So far, three industrial buildings in Fort Lauderdale were picked up by an affiliate of Adler Kawa for about $10.75 million, and four more were sold in Boca Raton and Delray Beach for roughly $27.55 million.
County records show the buildings were formerly owned by KTR Capital Partners, which sold a massive industrial portfolio for $5.9 billion to Prologis and Norway’s sovereign wealth fund last year. A sizable chunk of those properties were located in South Florida.
For this portfolio sale to Adler Kawa, the seven properties totaled about 352,462 square feet. That means their collective $38 million price tag breaks down to just under $109 per square foot.
The investment firm financed its deal with a $26 million from KeyBank, Broward County records show. Adler Kawa is a joint-venture of the Adler Group, Kawa Capital Partners and Ganot Capital. The trio’s most recent investment fund paid $32 million for a pair of Boca Raton office buildings in December.
Here’s a breakdown of the properties included in the latest deal:
| NAME | 234 East 70th Street | PRICE RANGE | From $1,930,000 to $2,550,000 |
| ADDRESS | 234 East 70th Street | SIZE RANGE | From 1,471 Sq Ft to 1,977 Sq Ft |
| TYPE | New Building | AVG PPSF | $1,314 |
| TOTAL UNITS | 8 | TAX ABATEMENT | Yes |
| DEVELOPER | Hugo Subotovsky | AVG COMMON CHARGE | $0.36/sf |
| BROKER | Corconran Group | FINISHED BY | 2014 |