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Sale-leaseback: Stockbridge picks up John Deere site in Miami-Dade for $20M
San Francisco-based real estate firm acquired nearly 6-acre property near Miami International Airport
In a sale-leaseback deal, Stockbridge Capital Group picked up a John Deere dealership in northwest Miami-Dade County. The purchase pumps up its South Florida industrial portfolio for the second time in a two-month span.
An affiliate of San Francisco-based Stockbridge paid $20.1 million for the 5.6-acre property at 4343 Northwest 77th Avenue, according to records. The site has a 28,000-square-foot warehouse completed in 2012 that is occupied by the seller, John Deere dealer Dobbs Equipment.
In 2017, Memphis, Tennessee-based Dobbs paid $10.2 million for the property, records show.
Dobbs will continue leasing the facility from Stockbridge, according to a press release.
Wayne Ramoski and Kemp Conrad with Cushman & Wakefield represented the seller. The dealership is near Miami International Airport.
In October, Stockbridge and its partner, Industrial Outdoor Ventures, bought a 22.7-acre development site in Deerfield Beach for $59 million. The joint venture is planning an outdoor storage facility and two warehouses.
Last year, Stockbridge and Industrial Outdoor outbid several buyers, including FedEx and Amazon, for a 38.5-acre RV Park in Davie. The partnership paid $64 million for the redevelopment site that is approved for 400,000 square feet of industrial space.
Led by Terry Fancher and Sol Raso, Stockbridge has $30.8 billion in real estate assets under management, according to the firm’s website.
Stockbridge is following in the footsteps of another San Francisco-based real estate firm that’s bullish on South Florida industrial development. Prologis is looking to expand its Beacon Lakes, a 436-acre business park in west Miami-Dade with four planned warehouses on 55 acres, according to a recent application filed with the county. The company is looking to add more than 500,000 square feet of industrial space to Beacon Lakes.
According to JLL, Miami-Dade’s industrial vacancy rate hit an all-time low of 1.8 percent in the third quarter, compared to 4.5 percent during the same period of last year. As a result, landlords pushed the average asking rent to $14.35 a square foot, an increase of $5.51 compared to the third quarter of last year, JLL found.