Exeter lands $75M loan for spec Coral Springs warehouse project

Exeter paid $15M for the 40-acre site of the project’s phase two in 2017

Miami /
Dec.December 02, 2020 02:30 PM
Exeter Property Group CEO Ward J. Fitzgerald III (Ehlers-Danlos, Google Maps, Exeter)

Exeter Property Group CEO Ward J. Fitzgerald III (Ehlers-Danlos, Google Maps, Exeter)

Exeter Property Group closed on a $74.9 million loan for the second phase of its Coral Springs Commerce Center. 

The loan, from New York Life Insurance Co., is for 4100, 4270 and 4150 Coral Ridge Drive, as well as the existing building at 4250 Coral Ridge Drive, according to property records. 

Conshohocken, Pennsylvania-based Exeter, led by CEO Ward Fitzgerald, acquired the 40 acres for phase two from Swiss manufacturing company Hoerbiger for $14.9 million in 2017.

Marketing materials for the second phase show that nearly 300,000 square feet at two of the future buildings is still available. The third, a 78,377-square-foot project, has been preleased. 

In March, pharmaceutical products provider United Medco leased 88,000 square feet of the existing building at 4250 Coral Ridge Drive for its national headquarters as well as a distribution space, according to a press release. The building was constructed in 1981 and renovated in 2019. 

This week, Exeter also received a $32.7 million loan from New York Life for the existing buildings at 4000 to 4030 Northwest 126th Avenue within the commerce center, according to records. Exeter bought the property from Prologis for $7.9 million in 2015. 

In January, Exeter sold three warehouses in Boynton Beach for $25.8 million.

In June, New York Life provided a $97 million loan to the Brunetti Organization to build Las Marinas Apartments, two 17-story, 128-unit towers in Sunny Isles Beach.

 






    Related Articles

    arrow_forward_ios
    The condo exterior and close up images of damage (Google Maps, City of Coral Springs)
    Failing roof, electrical and fire issues lead to forced evacuation of Coral Springs condo
    Failing roof, electrical and fire issues lead to forced evacuation of Coral Springs condo
    Davie student housing complex scores $62M refi, construction loan
    Davie student housing complex scores $62M refi, construction loan
    Davie student housing complex scores $62M refi, construction loan
    5801 Northwest 49th Avenue in Miami Gardens and Lightstone CEO David Lichtenstein (Google Maps, Lightstone)
    Lightstone pays $20M for Miami Gardens warehouse leased to Moishe Mana
    Lightstone pays $20M for Miami Gardens warehouse leased to Moishe Mana
    A rendering of Wynwood Haus
    Wynwood Haus apartment tower in an Opportunity Zone scores $38M construction loan
    Wynwood Haus apartment tower in an Opportunity Zone scores $38M construction loan
    Bruce Flatt of Brookfield Asset Management with the warehouse (Brookfield, CBRE)
    Brookfield pays $26M for Doral warehouse
    Brookfield pays $26M for Doral warehouse
    3600 North 29th Avenue in Hollywood (Google Maps, VIG)
    Furniture wholesaler pays $9M for Hollywood distribution facility
    Furniture wholesaler pays $9M for Hollywood distribution facility
    Value Store It President Carlos Diaz with the two properties (Diaz)
    Value Store It buys two Palm Beach County properties for $35M
    Value Store It buys two Palm Beach County properties for $35M
    An aerial of the proposed development site and warehouse with Sergio Rok and Jimmy Tate
    Neighbor sues to short-circuit Jimmy Tate and Sergio Rok’s no-bid North Miami project
    Neighbor sues to short-circuit Jimmy Tate and Sergio Rok’s no-bid North Miami project
    arrow_forward_ios

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

    Loading...