A Dallas-based real estate private equity firm scooped up an office/warehouse complex in Broward County for $50 million.
An affiliate of MSP Capital Investments, led by co-founders and managing partners Murray McCabe and Max Lamont, acquired Pelican Bays at 4900-4990 Southwest 52nd Street in Davie, records show. MSP Capital paid $254 per square foot for eight buildings totaling 197,000 square feet.
Alan Levy and Josh Levy with Levy Realty Advisors represented the buyer. Norman Matus with Red Rock Realty represented the seller, a trust in the name of Charles Rowars, who developed the property, according to a press release.
Between 1987 and 1988, Rowars paid $1.2 million for two vacant lots and completed the buildings between 1988 and 1989, records show.
In a statement, Josh Levy said Pelican Bays has a long history of stable occupancy and currently has 120 tenants. MSP Capital tapped Levy Realty Advisors to manage and lease Pelican Bays, the release states.
The Broward office and industrial markets continue to show positive gains halfway through this year, according to recent Colliers reports. The vacancy rate in Broward’s office market dropped to 11.7 percent in the second quarter compared to 12.7 percent during the same period last year, Colliers found. Asking rents jumped year-over-year to $37.06 per square foot, compared to $34.50.
Broward’s industrial market experienced a significant drop in vacancies, clocking in at 3.6 percent in the second quarter, compared to 6.4 percent during the same period last year. Asking rents increased year-over-year to $11.56 a square foot, compared to $9.53 a square foot, according to Colliers.
A dwindling supply of land available for development coupled with high tenant demand is keeping South Florida’s industrial market at full throttle. Recently, San Francisco-based Terreno Realty paid $20 million for a foreclosed aviation maintenance facility in Medley. And Basis Industrial, formerly Miami City Self-Storage, acquired a mixed-use facility with an indoor go-kart track, offices and small warehouses in Medley for $38 million.