IDI Logistics sells massive warehouse portfolio in Miramar for $117M

San Francisco-based private equity group Stockbridge Capital Group bought the five warehouses

TRD MIAMI /
Aug.August 19, 2019 02:30 PM
IDI Logistics CEO Mark Saturno and 11600 Miramar Parkway (Credit: iStock)

IDI Logistics CEO Mark Saturno and 11600 Miramar Parkway (Credit: iStock)

UPDATED, August 20, 10:15 p.m.: IDI Logistics sold five warehouses in Miramar for $116.5 million amid strong demand for industrial properties in South Florida.

IDI Logistics sold the properties totaling 14 acres to the San Francisco-based private equity firm Stockbridge Capital Group for about $43,560 per acre, according to CBRE.

CBRE’s José Antonio Lobón, Chris Riley, Christian Lee, and Larry Dinner represented the seller.

The properties include warehouses at 11600 Miramar Parkway, 11650 Miramar Parkway, 11740 Miramar Parkway, 15701 Southwest 29th Street and 2501 160th Avenue. The warehouses are 100 percent leased, according to CBRE.

Atlanta-based IDI Logistics focuses on warehousing, distribution and manufacturing facilities. Ivanhoe Cambridge and Oxford Real Estate Group bought IDI Logistics earlier this year from Brookfield Asset Management for a reported $4.7 billion.

Stockbridge is an active buyer of South Florida real estate.

In January, Stockbridge paid $62.25 million for the Powerline Business Park in Pompano Beach. Stockbridge bought the 443,720-square-foot industrial park at 4100 Powerline Road for $140 per square foot. Last May, San Francisco-based Stockbridge bought the Quaye at Wellington, a 32-acre, 350-unit apartment and townhouse complex at 9840 Quaye Side Drive, for about $120 million.

The industrial market has remained one of the best performing asset classes in South Florida, despite concerns that rents will come down.

In Broward County, industrial rental rates rose to $8.76 per square foot in the second quarter from $8.21 per square foot a year earlier, according to a recent report from Colliers International South Florida. In the second quarter, 531,552 square feet of new industrial properties in Broward County were completed.

Due to the lack of available land, developers in Broward County are increasingly buying smaller industrial sites to develop a single distribution building of 100,000 square feet or less, according to the report.

Correction: A previous version of this article incorrectly listed the headquarters of IDI Logistics as Toronto. The article was also updated to show that Oxford Real Estate Group partnered with Ivanhoe Cambridge to acquire IDI Logistics.


Related Articles

arrow_forward_ios
Vladislav Doronin (Credit: Gesi Schilling via Wikipedia)

Billionaire developer Doronin buys Fort Lauderdale assemblage for $63M

Billionaire developer Doronin buys Fort Lauderdale assemblage for $63M
Seth Wise, Co-CEO of The Altman Companies, Altís Ludlam Trail

Altman scores $55M construction loan for Ludlam Trail project

Altman scores $55M construction loan for Ludlam Trail project
Joseph Swedroe (Corcoran, iStock)

Corcoran agent in Miami loses job over “racist and fear-based” marketing

Corcoran agent in Miami loses job over “racist and fear-based” marketing
Vanessa Grout with Vladislav Doronin

Vanessa Grout leaves Ugo Colombo’s firm to lead OKO Group’s real estate arm

Vanessa Grout leaves Ugo Colombo’s firm to lead OKO Group’s real estate arm
Rendering of the project with Jon Paul Pérez (top) and Jorge Pérez 

Related switches gears on Terminal Island project, now plans low-rise offices

Related switches gears on Terminal Island project, now plans low-rise offices
Edgardo Defortuna and a rendering of La Playa de Varadero

Not stopping for the pandemic: Fortune, Château could launch Sunny Isles project by year-end

Not stopping for the pandemic: Fortune, Château could launch Sunny Isles project by year-end
Richard Branson (Credit: Virgin, Cindy Ord/Getty Images)

Virgin Trains seeks $350M to build five stations in Miami-Dade

Virgin Trains seeks $350M to build five stations in Miami-Dade
Easton Group picks up land in Hialeah Gardens for $8M

Easton Group picks up land in Hialeah Gardens for $8M

Easton Group picks up land in Hialeah Gardens for $8M
arrow_forward_ios

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

Loading...