Walton Street Capital bought a warehouse in Sunrise for $18.5 million.
The Chicago-based firm scooped up the 77,600-square-foot building at 4701 Northwest 103rd Avenue from Plantation-based Miller Property Group, led by Steve Miller, according to records and real estate database Vizzda.
The building, known as the Sunrise Corporate Headquarters, was completed by Miller Property Group in 2016 on 4.5 acres, Vizzda records show.
Led by managing principals Eric Mogentale and Jeffrey Quicksilver, Walton Street is a real estate debt and equity investment firm, according to its website.
It’s been a frequent player in South Florida’s market. In August, Walton Street sold the six-story, 112,500-square-foot building at 7200 Northwest 19th Street in unincorporated Miami-Dade County for $26.3 million. Miami-Dade will move its aviation department employees to the building from the MIA Building No. 5A facility at the airport.
Walton Street dropped $23.5 million last month for the two-story, 136-unit assisted living facility at 8785 Lake Worth Road in unincorporated Palm Beach County. Last year, the firm also paid $51.5 million for the warehouses at 3455 Northwest 54th Street, 5530 Northwest 32nd Court and 5400 Northwest 32nd Court in Miami-Dade County’s Brownsville neighborhood.
South Florida’s industrial market prospered as the tri-county region became a magnet for new residents and companies during the pandemic. The influx prompted demand for storage, distribution and other industrial space.
More recently, the expensive cost of capital put the kibosh on some tenants’ leasing plans. In the third quarter, Miami-Dade County’s average asking rent for warehouses was $16.42 per square foot, marking the second consecutive quarterly drop, according to a Colliers report. Broward County landlords still increased rents quarter-over-quarter, but the county’s vacancy inched up to 4.9 percent from 4.7 percent in the third quarter of last year.