Singapore firm expands its SoFla presence with industrial acquisitions

Mapletree Investments acquired the 2 properties for $27M; part of a portfolio deal valued at $1.1B

Oct.October 03, 2018 02:30 PM

Mapletree Investments CEO Hiew Yoon Khong and 800 Northwest 33rd Street in Pompano Beach (Credit: Wikimedia Commons)

UPDATED Oct. 5, 2:25 p.m.: A Singapore investment group paid nearly $27 million for two industrial buildings in Broward County, part of a much larger portfolio deal that included properties in the U.S. and abroad.

The total value of that deal was around $1.1 billion.

Records show a company tied to Mapletree Investments purchased a 183,100-square-foot building within the Sawgrass International Park in Sunrise for $21.4 million. The second building, spanning 42,340 square feet in Pompano Beach, traded hands for $5.4 million.

Mapletree Investments has been growing its presence in South Florida. In April, the company paid $62.5 million for a bundle of industrial buildings throughout Broward and Palm Beach counties, specifically two in Boca Raton, seven in Tamarac, one in Weston and one in Pompano Beach

Prologis is the seller. The $1.1 billion deal includes several properties that Prologis bought through a joint venture with Norway’s sovereign wealth fund Norges Bank Real Estate Management. In addition to the warehouses in South Florida, the portfolio sale included industrial properties in Seattle, Chicago, Dallas and New Jersey; as well as France, Poland, Hungary and the Netherlands.

The building within Sawgrass International Park at 251 International Parkway was previously the distribution center for the sports memorabilia and collectibles shop Fanatics Authentic. The company recently moved to Miramar.

The Pompano Beach building at 800 Northwest 33rd Street is leased to the South Florida Regional Transportation Authority, which oversees transportation projects in Broward, Miami-Dade and Palm Beach counties.

A 65,300-square-foot building in Miami-Dade was also included in the deal. Prologis sold the Beacon Centre building in Doral for $14.7 million to Mapletree. The sale of the 3.6-acre property at 8600 Northwest 17th Street breaks down to about $225 per square foot.

The company has more than $39.5 billion in assets, and has recently been busy buying up student housing projects in the United States. It has also been buying corporate housing property in Los Angeles.

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