Nortrax sells South Florida Deere dealerships to Memphis firm

Two of the seven facilities are in Miami-Dade and Palm Beach counties

Miami /
Nov.November 27, 2017 12:00 PM

From left to right: 4343 Northwest 77th Avenue and 3933 Bee Line Highway A and Edward Dobbs (Credit: Google and Dobbs Management Service, LLC)

Nortrax, a John Deere company, just sold seven of its construction and forestry equipment facilities in Florida, property records show.

DJD Real Estate Holdings LLC, an entity of the Memphis, Tennessee-based investment firm Dobbs Management Service, paid a combined $15 million for a 28,000-square-foot warehouse in Miami-Dade and 27,460-square-foot warehouse in Palm Beach County.

Records show Dobbs also bought Deere facilities in Orange, Pasco and Lee counties.

The warehouse near Miami Springs at 4343 Northwest 77th Avenue traded for $10.24 million, or about $366 per square foot. The other, in Riviera Beach, at 3933 Bee Line Highway A, traded for $4.85 million, or about $176 per square foot.

In an interview with the e-commerce and news website Equipment World, a Dobbs executive said the firm plans to expand John Deere’s presence in the region. It financed all seven of the deals with a $19.44 million loan from JPMorgan Chase Bank, records show.

Nortrax, based in Tampa, operates Deere construction and forestry dealerships throughout the United States and Canada.

Industrial real estate in South Florida has a attracted a number of investors and developers in recent years.

Just last week an entity of TIAA Global Asset Management paid $54 million for two industrial properties in Broward County. In another notable deal this year, industrial giant Prologis bought a 343,553-square-foot industrial building in Opa-Locka for $25.75 million.


Related Articles

arrow_forward_ios
Make-A-Wish South Florida CEO Norman Wedderburn and 350 Northwest Sixth Street (Getty, Google Maps)
Make-A-Wish pays $8M for Overtown dev site
Make-A-Wish pays $8M for Overtown dev site
Ben Bernstein and Ryan Shear with a rendering of the project at 2407 Northwest 2nd Avenue, Miami (RedSky, PMG, Google Maps)
PMG adds to assemblage of planned Society Wynwood project
PMG adds to assemblage of planned Society Wynwood project
Michael Stern and a rendering of the project (Getty, JDS Development/SHoP Archictects)
Michael Stern pays $24M for future site of 62-story Brickell tower
Michael Stern pays $24M for future site of 62-story Brickell tower
1396 Northwest 36th Street with Integra's Paulo Tavares de Melo and EHDOC's Melanie Ribeiro (Photos via Getty; LinkedIn)
Integra, partner move forward with $58M senior housing project in Allapattah
Integra, partner move forward with $58M senior housing project in Allapattah
Angel Febres, partner, Homecookin’ Hospitality and Metro 1 Managing Director Andres Nava
Wynwood nightclub building hits the market
Wynwood nightclub building hits the market
1930 Northwest 23rd Street with (from left) Shane Neman, Richard Kilstock and David Aaron (Getty, Arkadia, Neman Ventures)
Arkadia buys cold storage warehouse in Allapattah for $5M
Arkadia buys cold storage warehouse in Allapattah for $5M
From left: Benjamin Bernstein, Pan Shiyi, and Zhang Xin (Credit: Google Maps, Dickson Lee/South China Morning Post via Getty Images)
Lender closes on RedSky and JZ’s Wynwood assemblage
Lender closes on RedSky and JZ’s Wynwood assemblage
Kelly Beam, Ricky Trinidad , and 3265 Bird Avenue (Credit: Google Maps)
Miami developer Metronomic files for bankruptcy
Miami developer Metronomic files for bankruptcy
arrow_forward_ios

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

Loading...