Arkadia JV pays $31M for Coral Springs industrial complex

Bal Harbour real estate firm teamed up with Barings to acquire Coral Springs Logistics Center

Miami /
Apr.April 28, 2022 10:30 AM
Barings Chairman and CEO Mike Freno, Arkadia managing principals Richard Kilstock and David Aaron and the industrial complex at 3850-3872 Northwest 126 Avenue in Coral Springs (Barings, Arkadia, LinkedIn, Google Maps)

Barings Chairman and CEO Mike Freno, Arkadia managing principals Richard Kilstock and David Aaron and the industrial complex at 3850-3872 Northwest 126 Avenue in Coral Springs (Barings, Arkadia, LinkedIn, Google Maps)

Arkadia Property Group and Barings teamed up to buy a Coral Springs industrial complex for $31 million in an off-market deal.

The joint venture acquired the Coral Springs Logistics Center at 3850-3872 Northwest 126th Avenue, according to records. Arkadia is a Bal Harbour-based commercial real estate firm co-founded by managing partners David Aaron and Richard Kilstock.

Headquartered in Charlotte, North Carolina, Barings is a global investment arm of Massachusetts Mutual Life Insurance Company. With more than $371 billion in assets worldwide, Barings is led by Chairman and CEO Mike Freno.

The joint venture paid $241 a square foot for the two-building complex. The seller, an entity managed by Deborah Ansin and Luis and Hansel Graef, bought the property for $4.5 million in 2019 and completed the 128,563 square feet of warehouse space a year later, records show.

“In the middle of the first quarter, we reached out to the seller,” Arkadia’s Aaron said. “Pretty quickly we came to terms and executed a fast-paced transaction.”

Arkadia and Barings showed interest in Coral Springs Logistics Center because it is a new complex that is close to the Sawgrass Expressway, Aaron said. “We liked the scale,” he said. “We liked the quality and the location. We believe being adjacent to the expressway is really important for logistics and warehousing.”

South Florida’s industrial market continues to display strong fundamentals, such as tenant demand and rising rents, Aaron said. “Prices per square foot at which new leases are transacting justify the increases in the purchase prices by square foot,” he said. “We are in the process of marketing 30,000 square feet of available space, and we believe that we will be very pleased where rents will land.”

In the first quarter, South Florida’s industrial market had a 2.9 vacancy rate, compared to 4.4 percent during the same period last year, according to a recent report by Lee & Associates. The average asking rent climbed 14 percent to $11.96 from $10.46 a square foot in the first quarter of 2021, the report states.

The Arkadia-Barings Coral Springs acquisition surpassed South Florida’s highest industrial sale of the first quarter on a price per-square-foot basis: The $52 million sale of a 237,756-square-foot industrial property in Homestead. The buyer, Industrial Logistics Properties Trust, paid $219 per square foot, the Lee & Associates report states.

Other recent industrial deals in South Florida include Avid Asset Management and Fogel Capital paying $22 million for a logistics warehouse in West Palm Beach, and the $10.7 million sale of an industrial complex in Margate.





    Related Articles

    arrow_forward_ios
    From left: Harbor Group International's Jordan E. Slone and T. Richard Litton Jr. (sellers); Cottonwood Residential's Daniel Shaeffer and Chad Christensen; 4411 North Federal Highway in Pompano Beach (Cottonwood Residential, Harbor Group International, Google Maps, iStock)
    Cottonwood buys Pompano Beach apartment complex for $95.5M
    Cottonwood buys Pompano Beach apartment complex for $95.5M
    A photo illustration portraying the skyrocketing rent growth for Miami's industrial market (iStock)
    Rising rents: Miami’s industrial market leads nation with highest annual rate hike: report
    Rising rents: Miami’s industrial market leads nation with highest annual rate hike: report
    From left: The Estate Companies' managing principal Robert Suris and principal Jeffrey Ardizon along with a rendering of Soleste Pompano Beach and a sitemap for Soleste Hollywood Boulevard (The Estate Companies)
    Estate Companies’ Pompano Beach, Hollywood apartment projects advance
    Estate Companies’ Pompano Beach, Hollywood apartment projects advance
    Brookfield Properties' Jared Chupaila and Pembroke Lakes Mall in Pembroke Pines (Brookfield Properties, LoopNet, iStock)
    Saddled with $260M debt, Pembroke Lakes Mall could be in trouble: Morningstar
    Saddled with $260M debt, Pembroke Lakes Mall could be in trouble: Morningstar
    Link Logistics' Luke Petherbridge with 115.7-acre site at 21001 Northwest 27th Avenue (LinkedIn, Google Maps)
    Blackstone’s Link Logistics pays $291M for Calder’s horse racing track
    Blackstone’s Link Logistics pays $291M for Calder’s horse racing track
    EverWest Real Estate Investors' Rick Stone and Tyler Williams; rendering of the newly built industrial property at 10900 Northwest 146th Street in Hialeah Gardens (Commercial Property Group, EverWest Real Estate Investors, iStock)
    EverWest buys Hialeah Gardens industrial building for $43M
    EverWest buys Hialeah Gardens industrial building for $43M
    First Industrial Realty's Peter E. Baccile with 1801 North Andrews Avenue (First Industrial Realty Trust, Colliers, iStock)
    First Industrial picks up Pompano Beach manufacturing facility for $25M
    First Industrial picks up Pompano Beach manufacturing facility for $25M
    Anchor Health’s Ben Ochs and Starwood's Barry Sternlicht with 8100 Southwest 10th Street (Anchor Health Properties, Getty, Colliers)
    Starwood sells UM-leased medical office building in Plantation for $46M
    Starwood sells UM-leased medical office building in Plantation for $46M
    arrow_forward_ios

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

    Loading...