SunCap sells FedEx warehouse in Homestead to New Jersey REIT for $38M
SunCap broke ground on distribution center last year with $25M construction loan
SunCap Property Group just sold a recently completed FedEx distribution center in Homestead to Monmouth Real Estate Investment Corporation for $38.3 million, property records show.
SunCap, a Charlotte, North Carolina-based investment and development firm, bought the 48.9-acre development site at 27200 Southwest 127th Avenue from Miami-Dade County a year ago for $4.5 million. The firm financed construction with a $25 million loan.
The FedEx Ground warehouse is just west of the Homestead Air Reserve Base.
MREIC Miami FL LLC, an affiliate of Monmouth, financed the purchase with a $24.8 million mortgage from State Farm.
Monmouth, a real estate investment trust based in Freehold, New Jersey, focuses on owning industrial properties net-leased to investment-grade tenants, according to its website. The FedEx facility in Homestead is its only South Florida property, but Monmouth also owns industrial buildings in Tampa, Orlando, Fort Myers, Jacksonville and other Florida cities.
The growing e-commerce industry has fueled South Florida’s industrial market, thanks to tenants like FedEx and Amazon. Amazon recently made two big moves in Miami-Dade: it opened a Prime Now hub in Wynwood last week and broke ground on an 800,000-square-foot fulfillment center at Miami-Opa Locka Executive Airport.