The Real Deal Miami

Exeter Property Group scores loan for spec warehouse complex in Coral Springs

Two buildings will each span 215,000 sf
By Amanda Rabines | October 13, 2017 11:15AM

Coral Springs Complex Center (Credit: Exeter Property Group)

Exeter Property Group just scored $23.8 million in financing for two spec warehouse buildings under construction in the Corporate Park of Coral Springs in Broward.

Records show the lender was SunTrust Bank. Once completed, the buildings at 4050 and 4020 Northwest 126th Avenue will span 215,000 square feet, each.

The Conshohocken, Philadelphia-based company paid $7.9 million for the 35-acre property in 2015, records show. The complex will be called the Coral Springs Complex Center.

The Corporate Park of Coral Springs is home to more than 350 businesses occupying more than 4.1 million square feet of building space, according to Loopnet. The nearly 1-square-mile business park fronts Sawgrass Expressway and includes commercial, office, warehouse and manufacturing space.

Industrial markets throughout Florida are experiencing a return to pre-recession occupancy levels and rental rates, according to a Cushman & Wakefield report. In Broward, 1 million square feet of industrial space is under construction, 80 percent of which is speculative.

Exeter specializes in developing and managing industrial warehouses across the country and in Canada, according to its website. It recently closed on a $108 million multi-state mortgage for properties, including two warehouses in Boynton Beach.

Last month, Exeter paid $14.9 million for a manufacturing facility within the Corporate Park of Coral Springs. The 5.5-acre facility at 4250 Coral Ridge Drive traded for about $62 per square foot.