Realterm Logistics buys FedEx Express site in Boca Raton

84,380 sf warehouse sold for about $190 psf

Nov.November 21, 2017 12:00 PM

1101 Clint Moore Road and Robert G. Fordi, CEO of Realterm Logistics (Credit: Relaterm)

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.

Related Articles

From left: Howard Sands, Scott Tracy, and Kenton Wright

Walgreen sells store near Boca Raton for $9M

Shane Neman, and Mauricio Bello Richard Waserstein, with 525 Northwest 77th Street Marriott in Boca

Blackstone sells Marriott hotel in Boca Raton

Shorecrest Club Apartments

CBRE fund pays $132M for Shorecrest Club Apartments in Miami

Malcolm Butters, 950 Peninsula Corporate Circle in Boca Raton

Butters buys Boca Raton office building

A rending of the the project

REI to open first South Florida store in Boca Raton

Royal Palm Residences and Ignacio Diaz

Group P6 launches sales of new luxury condo project in Boca Raton

University Park and Square Mile Capital CEO Craig Solomon (Credit: Zillow)

Boca Raton student housing scores $71M refi

Rooms to Go CEO Jeffrey Seaman and 9465 Glades Road (Credit: Google Maps)

Rooms To Go CEO bags furniture store in Boca Raton