Global Partners pays $28M for Dania Beach fuel depot
Waltham, Massachusetts-based firm acquired five-building industrial complex
A national gas station owner and petroleum distributor made a high-octane real estate purchase in Dania Beach.
An affiliate of Waltham, Massachusetts-based Global Partners paid $27.9 million for Motiva Enterprises South Terminal at 1200 Southeast 28th Street, records and Vizzda show. Near Port Everglades, the 51.5-acre property includes five industrial buildings and 12 fuel containers completed between 1955 and 1961.
The seller, Motiva Enterprises, acquired the fuel site for $6.9 million in 1998, records show. In November, Motiva entered into an agreement to sell 25 fuel terminals on the Atlantic Coast, the Southeast U.S. and in Texas to Global Partners, a press release states. Global Partners paid a combined $305.8 million for the petroleum properties, which have capacity to produce 8.4 million barrels of fuel annually.
Motiva also agreed to remain as the anchor tenant at the 25 facilities for 25 years, the release states.
Led by CEO Eric Slifka, Global Partners is a petroleum storage, distribution and retail company founded in 1933, the release states. The firm also owns and operates 1,700 gas station convenience stores, primarily in the Northeast.
South Florida’s industrial market ended on a high note last year, with a handful of nine-figure deals that ended up being the largest transactions for 2023.
The commercial real estate division of The Church of Jesus Christ of Latter-day Saints closed out the year with the second biggest industrial deal. The LDS church paid $174.3 million for the Beacon Logistics Park in Hialeah. Coral Gables-based Codina Partners sold the 1.3 million-square-foot industrial complex.
Also last month, Boston-based Longpoint Partners paid $262 million for a 25-building industrial portfolio in Miami-Dade and Broward counties. Longpoint’s purchase was the biggest deal in South Florida’s industrial market last year.
And Spanish billionaire Amancio Ortega’s Pontegadea bought a Hialeah freezer facility for $113 million, representing the fourth largest transaction of 2023.
Last year’s third largest industrial deal was New York-based Link Logistics’ $162 million purchase of a Deerfield Beach industrial campus in July.