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Singaporean investment group pays $62.5M for industrial buildings in South Florida
The deal was part of a national portfolio sale
UPDATED, 10:45 a.m., May 2: A Singaporean investment group just paid $62.5 million for a bundle of industrial buildings throughout South Florida as part of a national portfolio sale.
Mapletree Investments purchased two buildings in Boca Raton, seven in Tamarac, one in Weston and one in Pompano Beach from Philadelphia-based Exeter Property Group, according to property records.
In Boca Raton, Mapletree bought the 55,899-square-foot building at 6400 Park of Commerce Boulevard and the adjacent 82,882-square-foot warehouse at 6500 Park of Commerce Blvd for a total of $19.1 million. Exeter had originally purchased the properties in 2012 for $12.5 million, records show.
The Singaporean real estate investment company, which has more than $39.5 billion in assets, also purchased seven office spaces at two different locations in Tamarac from Exeter. It bought three warehouse spaces at 6200-6320 North Hiatus Road for $15.4 million. The properties last sold for $11.5 million. The company also purchased four industrial buildings at 10300-10458 West McNab Road in Tamarac for $14.2 million. The property last sold for $10.1 million, according to property records.
In addition, Mapletree purchased a warehouse facility in Weston at 1700-1778 North Commerce Parkway for $7.7 million and an industrial property in Pompano Beach at 2025 Northwest 15th Avenue from Exeter for $6.1 million. The Weston property was last sold for $6.05 million in 2015 and the Pompano Beach was last sold $3.9 million in 2015, records show.
The Singaporean firm also purchased a GE Healthcare repair operations facility in Milwaukee for $31.1 million from Exeter on Monday, according to the Milwaukee Business News website BizTimes.
Mapletree Investments has grown its presence in the United States by buying up student housing. It has also been buying corporate housing property in Los Angeles.
Exeter also owns other industrial properties in South Florida. In August, the company scored a $108 million loan for properties in several states, including two warehouses in Boynton Beach.
A previous version of this story had the incorrect total price Mapletree paid for the portfolio.