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Nortrax sells South Florida Deere dealerships to Memphis firm
Two of the seven facilities are in Miami-Dade and Palm Beach counties
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.