Triarch Capital Group bought a Dania Beach warehouse distribution property for $10.4 million, in a deal a broker says set a record price per square foot.
Aventura-based Triarch Capital bought the two buildings at 950-952 and 940 Eller Drive as well as a next-door half-acre lot in an off-market deal, according to a press release.
Records show the buildings total 57,000 square feet across over 3 acres and include 400 square feet of outdoor advertising space. The 950-952 building was constructed in 1975 and the other in 1980.
The sale price equates to $183 per square foot, the highest for a Broward County industrial property for the past five years, according to the seller’s broker Shane Decker of One Commercial. Class A space in Dania Beach usually trades at $160 a square foot or $170 a square foot, he added.
The fully leased buildings are between Fort Lauderdale-Hollywood International Airport and Port Everglades. Publicly traded transportation company Seacor is one of the tenants. Triarch could develop the half-acre lot, although it hasn’t revealed plans.
The property sold in two deals in February and March from two different trusts, the Joshua and Patricia Becker trust and the Milton and Patricia Wallace trust that jointly owned the asset for 35 years.
The Beckers, big developers in the 1970s and 1980s, who built this property, sold half of their stake in the buildings to the Wallaces in 1986, according to Decker. Milton Wallace is a retired Miami attorney and the late Patricia Wallace was a well-known philanthropist, business owner and socialite.
A Broward quit claim deed shows the two trusts split ownership in August 1986, but it lists no price. Becker said the deal value was confidential.
The Becker trust in February sold its stake to Triarch Capital affiliate Port Capital for $4.9 million, according to a deed. The Wallace trust, which initially wanted to retain its interest and share ownership with Triarch, this month changed its plan and sold its stake to Triarch for $5.5 million, Decker said.
“When Port Capital bought one half of the deal earlier this year, the Wallace family said, ‘We don’t want to partner with someone we don’t know, so let’s sell the remaining half to Port Capital,’ which is Triarch,” Decker said.
Isaac Behar of One Sotheby’s International Realty represented Triarch in the purchase.
Triarch Capital was founded in 1996 by Daniel Halberstein, Mario Grosfeld, and Jorge Linkewer, according to its website. It focuses on grocery-anchored retail but its 4.5 million-square-foot portfolio also includes industrial, office and stand-alone buildings leased to national chains.
Its office assets include One Turnberry Place in Aventura, purchased in 2011 for $53 million from a trust tied to Jeffrey and Jackie Soffer. Triarch refinanced it in May for $35 million.
Triarch also bought Plantation Professional Park with six office buildings in March 2019 from Kislak Organization for $11.3 million.
It also further expanded its industrial holdings last year, buying three Opa-locka industrial laundromats for $5.45 million. In 2018, Triarch also bought a north Miami-Dade County industrial building for $5.85 million.
Dania Beach has seen some industrial activity in recent months. In December, Elion Partners bought Griffin Pointe Business Park for $31.5 million.