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Cabot Properties buys Miramar distribution center for $72M
Bridge Industrial sold the warehouse for $235 per sf
Cabot Properties paid $71.6 million for the Bridge Point Miramar distribution center.
The Boston-based logistics real estate investor bought the industrial building at 15501 Southwest 29th Street from Chicago-based Bridge Industrial, according to the seller’s broker’s news release.
Mike Davis and Rick Brugge of Cushman & Wakefield closed the deal on behalf of Bridge Industrial. Chris Metzger and Matt McAllister of Cushman will lease the property.
The deal for the 304,428-square-foot facility breaks down to $235 per square foot.
The recently renovated warehouse has rear-loading, 32-foot clearing heights, 50-foot by 50-foot column spacing and 46 high-dock doors, according to the release.
Bridge Industrial bought the property, constructed in 2014, for $38 million in 2019, property records show.
The group, founded in 2000 by CEO Steve Poulos, develops, buys and manages industrial real estate in the U.S. and U.K., according to its website.
It is one of the most prolific industrial builders and investors in South Florida. The company’s projects include a three-building complex west of Miami-Opa Locka Executive Airport. The group secured a $78.3 million construction loan for the development in March.
Cabot, founded in 1986 by chair and CEO Franz Colloredo-Mansfeld, focuses on developing, managing and investing in distribution real estate across the U.S., U.K., Europe and Australia, according to its website. It has invested more than $12 billion in logistics real estate.
This includes its purchase of a Royal Palm Beach warehouse from The Easton Group for $15.5 million in 2020.
Cabot’s investment in South Florida industrial real estate is not surprising in light of a thriving market, fueled in part by e-commerce growth during the coronavirus pandemic lockdown.
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Avison Young reported that in Miami-Dade County, base rents have increased 9.5 percent since the pandemic onset and leasing in the second quarter of this year represented half of the total leasing of 2020.