East Capital Partners is amassing industrial properties in Miami-Dade County, buying its third warehouse complex this year.
An affiliate of Darien, Connecticut-based East Capital, led by co-founders Drew DeWitt and David Archibald, paid $48 million for Skylake Executive Industrial Park at 199501-19599 Northeast 10th Avenue near Aventura, records and real estate database Vizzda show.
The buyer obtained a $32.2 million mortgage from New York-based Emerald Creek Capital, arranged by JLL.
Jose Sasson and Roberto Susi with Axiom Capital Advisors represented East Capital in the off-market deal. Boca Raton-based real estate law firm Kapp Morrison advised East Capital.
Eli Sasson, also with Axiom, represented the seller, an entity managed by Alan Segall in Pembroke Pines and Sherra Greenspan Payne in Davie.
Segall and Greenspan Payne’s family had owned the 11-acre site since 1986, records show. A sale price is not listed on the deed. Skylake Executive’s seven industrial buildings were completed between 1980 and 1985.
Founded in 1997, East Capital has more than $7 billion under management, and focuses on vacant land and office, industrial and life science buildings, the firm’s website states. In January, East Capital entered the Miami-Dade industrial market via a joint venture deal. The company and its partner, Baltimore, Maryland-based ABR Capital, paid $38.5 million for two four-story office buildings and six industrial warehouses in Medley.
In late April, East Capital picked up another industrial portfolio near Medley, paying $17.5 million for eight warehouses and a storage yard on 4 acres. In June, the firm and partner ViletCo Enterprises landed a $26 million construction loan to build a 170,000-square-foot spec warehouse in Hialeah, records show.
East Capital is jumping into the South Florida industrial market as other institutional investors make moves. Last month, Boston-based Longpoint Partners expanded its vast South Florida industrial portfolio after paying $27.2 million for three warehouses in Medley.
Also in September, Blackstone subsidiary Link Logistics nabbed a $95 million loan for a quartet of recently completed warehouses in Medley.