Clarion Partners sells massive industrial properties in Weston

Cabot Properties bought the warehouses for about $143 per square foot

TRD MIAMI /
Mar.March 29, 2019 04:30 PM

Clarion Properties CEO David Gilbert and 3225 Meridian Parkway

Clarion Partners just sold two sprawling industrial properties in Weston to Cabot Properties for about $63 million.

The New York-based real estate firm sold the combined 438,331-square-foot warehouses for about $143 per square foot, records show. Boston-based Cabot Properties bought the industrial properties at 3225 Meridian Parkway and 3425 Meridian Parkway, near I-75.

Clarion Properties bought the buildings in 2004 for $30.6 million. They were built in 1995.

South Florida’s industrial market is one of the area’s best performing asset classes with Broward County performing especially well due to the rise of e-commerce. While investor appetite has remained strong in 2018, a slowdown could be coming. According to the Commercial Industrial Association of South Florida’s annual industrial market report, the cost of land acquisitions and construction is becoming too expensive for developers to consider new projects, and the industrial boom is expected to take a hit this year as a result.

Clarion Partners manages more than $47 billion worth of assets, according to its website. In 2015, the company partnered to purchase the Palm Beach Outlets shopping center for $278 million. A year later, Clarion paid $109 million for the ground leases of a major mixed-use building on Lincoln Road.

Cabot Properties is also active in South Florida’s industrial market. The company paid $25.8 million for a trio of warehouses on Vista Parkway, west of Florida’s Turnpike, which have a combined total of 173,812 square feet.


Related Articles

arrow_forward_ios
Ron Bergeron with 3310 Northwest 24th Street (Credit: Facebook and Google Maps)

“Alligator Ron” Bergeron sells properties near Miami airport to Prologis

“Alligator Ron” Bergeron sells properties near Miami airport to Prologis
Cusano’s Italian Bakery at 6806-6814 North State Road 7 (Credit: Google Maps)

Cusano’s Italian Bakery buys out landlord for $14M

Cusano’s Italian Bakery buys out landlord for $14M
South Florida’s industrial market could benefit from the coronavirus pandemic

A safe bet: South Florida’s industrial market could boom after pandemic

A safe bet: South Florida’s industrial market could boom after pandemic
18770 Northeast Sixth Avenue

Miami warehouse leased to Southeast Frozen Foods sells for $31M

Miami warehouse leased to Southeast Frozen Foods sells for $31M
Armando Codina and his daughter, Ana-Marie Codina Barlick and Beacon Logistics Park

Biggest private corporation in US inks lease at Beacon Logistics Park

Biggest private corporation in US inks lease at Beacon Logistics Park
The property and Jonathan Salk (Credit: Google Maps)

Liberty Property Trust sells Fort Lauderdale industrial buildings

Liberty Property Trust sells Fort Lauderdale industrial buildings
Clockwise from top left: 3400 Northwest 74th Avenue, the Opa-locka industrial property and Centergate at Gratigny (Credit: Google Maps)

Here are South Florida’s largest industrial sales of 2019

Here are South Florida’s largest industrial sales of 2019
5601 Northwest 72nd Avenue (Credit: Google Maps)

These were South Florida’s biggest industrial leases of 2019

These were South Florida’s biggest industrial leases of 2019
arrow_forward_ios

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

Loading...