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East Capital adds to industrial portfolio with $18M complex near Medley
Darien, Connecticut-based firm acquired eight warehouses and storage yard
From left: East Capital Partners co-founders Drew DeWitt and David Archibald along with the industrial property at 7401 Northwest 68th Street in Medley (Getty, East Capital Partners, Google Maps, LoopNet)
East Capital Partners expanded its portfolio near Medley, acquiring an industrial complex for $17.5 million.
An affiliate of Darien, Connecticut-based East Capital acquired eight warehouses totaling 85,138 square feet and a storage yard at 7401 Northwest 68th Street, records show. The buildings on the nearly 4-acre site were completed in 1973.
The seller, an entity managed by Anthony Askowitz in Miami, paid $2.9 million for the property in 2009, records show.
Led by co-founders David Archibald and Drew DeWitt, East Capital and its partner, Baltimore, Maryland-based ABR Capital, acquired a mixed-use complex in January near its most recent purchase. The joint venture paid $38.6 million for two office buildings and six industrial warehouses at 6801 Northwest 77 Avenue and 7601 and 7661 Northwest 68th Street.
Since its inception in 1997, East Capital has invested $7.4 billion in commercial real estate, primarily in the eastern U.S., according to the company’s website.
Recent deals in the South Florida industrial market include the $106.5 million sale of a 1 million-square-foot warehouse in Jupiter that is leased to Amazon. Hillwood, a Dallas-based real estate firm led by chairman Ross Perot Jr., acquired the fulfillment center from an affiliate of Truist Securities.
Also last month, Rosemont, Illinois-based Venture One Real Estate paid $36.2 million for Boynton Logistics Center, a complex of three warehouses in Boynton Beach. In Deerfield Beach, Northbridge Partners acquired Powerline Commerce Park. Wakefield, Massachusetts-based Northbridge paid $18.1 million for the 4.5-acre complex with three industrial buildings.
Meanwhile, leasing in the South Florida industrial market weakened in the first quarter of this year, according to a CBRE report. Miami-Dade, Broward and Palm Beach counties experienced slight increases in vacancy rates compared to the same period of last year. As the year progresses, rent growth is also expected to decline, the report states.