Developers close on land, begin on $125M distribution center in Pembroke Pines

Miami /
Jan.January 31, 2017 10:30 AM

After closing on its 60-acre development site in Pembroke Pines last week for $14.25 million, joint venture partners Core5 Industrial Partners and Helms Development are moving forward with their plans for a distribution center that could cost up to $125 million.

Atlanta-based Core5 and Florida-based Helms expect to break ground in early April on a 750,000-square-foot spec industrial project called the South Florida Distribution Center in Pembroke Pines, a project that would replace a former state women’s prison at 20421 Sheridan Street, developer Scott Helms told The Real Deal.

The three-building development will be broken up into phases, the first of which is a roughly 240,000-square-foot Class A building that will be completed by the end of the year. Helms said asbestos abatement is underway with a full demolition of the buildings planned for next week, and utility work and construction work planned for the next several weeks.

CBRE’s Larry Dinner, Larry Genet, and Tom O’Loughlin will handle leasing and Core5 is securing the financing. “We’re going after e-commerce and logistics companies,” Helms told TRD.

Once the project is built out, he said the value will be between $100 million and $125 million. Helms left IDI Gazeley in September and launched his company shortly afterwards. IDI had a purchase agreement with the city of Pembroke Pines for this site, but that was terminated last year.

Pembroke Pines, which sold the prison site to the Core5/Helms joint venture, stood to have a net gain of about $208,000, TRD previously reported.

The former Broward Correctional Institution is a stone’s throw from the Everglades, just off State Road 27, which Helms said is a major trucking route between Miami and Central Florida.

Demand for industrial land in Broward County is strong. Just east of the prison site is the 300-acre Bergeron Park of Commerce and Industry, which is roughly 60 percent built out. Tenants there can easily connect with all major highways in the area, including I-75, the Florida Turnpike, and I-595,


Related Articles

arrow_forward_ios
20351 Sheridan Street, Vital Pharmaceuticals' Jack Owoc and EverWest's Rick Stone (Google Maps, Twitter, EverWest)
Bang Energy’s warehouse in Pembroke Pines trades — with a $58M bang
Bang Energy’s warehouse in Pembroke Pines trades — with a $58M bang
Bowling alley and two retail centers in Broward trade for combined $59M
Bowling alley and two retail centers in Broward trade for combined $59M
Bowling alley and two retail centers in Broward trade for combined $59M
Marela Apartments in Pembroke Pines (Marela)
RREEF buys Pembroke Pines apartments for $121M
RREEF buys Pembroke Pines apartments for $121M
Harbor Group president Richard Litton and AIR Communities CEO Terry Considine in front of the apartment complex (Harbor, AIR, City Center on 7th)
Aimco spinoff buys Harbor Group’s Pembroke Pines apartments for $223M, marking largest South Florida multifamily sale this year
Aimco spinoff buys Harbor Group’s Pembroke Pines apartments for $223M, marking largest South Florida multifamily sale this year
Renderings of the Pembroke Tower project (Forum Architecture)
Developer wins approval for senior affordable housing project in Pembroke Pines
Developer wins approval for senior affordable housing project in Pembroke Pines
Donald R. Horton and a map of the development site (D.R. Horton)
D.R. Horton advances 211-unit townhouse project in Pembroke Pines
D.R. Horton advances 211-unit townhouse project in Pembroke Pines
Terra CEO David Martin and 16000 Pines Boulevard, Pembroke Pines
Terra, Lennar’s Pembroke Pines townhome project advances
Terra, Lennar’s Pembroke Pines townhome project advances
1601-1697 North Hiatus Road
Publix-anchored Pembroke Pines shopping center scores $14M refi
Publix-anchored Pembroke Pines shopping center scores $14M refi
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...