Realterm Logistics buys FedEx Express site in Boca Raton
84,380 sf warehouse sold for about $190 psf
Annapolis, Maryland-based Realterm Logistics just purchased a warehouse leased to FedEx Express in Boca Raton for $16 million, property records show.
Realterm Logistics, the transportation and logistics acquisition arm of the real estate private equity firm Realterm, bought the 84,380-square-foot warehouse at 1101 Clint Moore Road from an entity of Boca Raton-based L&J Schmier Management and Investment Co., records show. The trade breaks down to about $190 per square foot.
L&J Schmier affiliate National Marketplace Associates LTD paid about $6.6 million for the site in 1997, records show.
The FedEx Express warehouse is just west of I-95. Built in 1997, it sits on nearly 8 acres of land and features 75,350 square feet of industrial space and a little more than 9,000 square feet of office space, records show. CBRE’s Jose Lobon represented the seller.
Realterm Logistics’ Paul Underwood said FedEx Express inked a long-term lease at the location, but declined to disclose details of the lease terms, citing a confidentiality agreement. He said the company is seeking to benefit from the e-commerce industry in Boca Raton.
The growing e-commerce industry has fueled South Florida’s industrial market, thanks to tenants like FedEx and Amazon. In July, a recently completed FedEx distribution center in Homestead traded hands for $38.3 million. In February, Charlotte, North Carolina-based Levine Properties sold a FedEx distribution center in Medley for $108 million.