Joint venture pays $64M for Davie RV park primed for industrial project
Industrial Outdoor Ventures and Stockbridge Real Estate bought 39-acre site
A Chicago-based industrial real estate firm teamed up with Stockbridge Real Estate to acquire the Twin Lakes Travel Park in Davie for $64 million.
The joint venture, led by Industrial Outdoor Ventures, acquired the 38.5-acre site at 3055 Burris Road. The sellers are three entities tied to Twin Lakes Travel Park LLC, which is managed by Sherrie Cohen Marbin, Jay Cohen and Sam Jazayri, according to records. The RV park was completed in 1975.
In an email, Marbin said she and her partners owned Twin Lakes for 40 years. They put it on the market earlier this year with an asking price of $40 million. They “had several bidders,” including “Amazon and FedEx,” which were “outbid” by Industrial Outdoor Ventures and Stockbridge, Marbin said.
CBRE marketed the property for the sellers. According to a CBRE marketing flyer, the RV park can be redeveloped for a single or multi-tenant industrial site ranging from 50,000 square feet to 400,000 square feet. The site, between I-95 and the Florida Turnpike just south of I-595, is currently designed to accommodate an e-commerce last-mile facility and an outdoor truck terminal.
The RV park is near warehouses occupied by Pepsi, Clorox, Shipmonk, XPO, Publix, Old Dominion and major e-commerce companies, according to CBRE.
In March, Industrial Outdoor Ventures and Stockbridge formed a joint venture to develop warehouses and outdoor storage centers. The Chicago-based firm, led by CEO Thomas G. Barbera, specializes in properties for heavy industrial uses and outdoor equipment storage in major markets throughout the U.S., according to its website. Industrial Outdoor Ventures has 39 properties in 12 markets, totaling 1 million square feet.
Stockbridge, based in San Francisco, has about $18.4 billion of assets under management and is led by founding principal Terry Fancher, according to the company’s website.
South Florida’s industrial market is among the most competitive in the country. Institutional investors are vying for prime sites, which is driving up sale prices, according to Colliers. In the third quarter in Broward County, industrial vacancy rates dropped for the second consecutive quarter, as average asking rents went up.