Cabot Properties joined the list of South Florida’s top industrial buyers in 2024 after paying $91.3 million for a recently completed industrial complex in Lake Park.
An affiliate of Boston-based Cabot, led by CEO Franz Colloredo-Mansfeld, purchased Silver Beach Industrial Park from the project’s co-developer, Los Angeles-based American Realty Advisors, records and real estate database Vizzda show.
The seller completed the four-building business park at 1600 Silver Beach Road last year. The warehouses have a combined 371,948 square feet of space so the deal breaks down to $345 per square foot.
In 2020, American Realty paid $17.2 million for the 23-acre site, records show.
Silver Beach Industrial Park was 58 percent leased at the time of sale, according to a CBRE listing. Executives for Cabot and American Realty did not respond to requests for comment.
According to a recent online listing by CBRE, about 42% of the project – 157,871 square feet – is available for lease.
Cabot’s acquisition took over the seventh spot for South Florida’s largest industrial transactions of the past year, surpassing the $72.3 million sale of a Deerfield Beach business park in January.
The second and third priciest industrial deals of 2024 also took place this month as a result of a regional warehouse purge by Blackstone subsidiary Link Logistics. In the second largest transaction, Miami-based Elion paid Link $205.5 million for a portfolio of five warehouses in Sunrise. In claiming the third spot, Boston-based TA Realty bought Ironwood Commerce Center, a complex of four warehouses in Opa-Locka, from Link for $160 million.
Last month, Link also sold a portfolio of 26 warehouses in Miami-Dade, Broward and Palm Beach counties to Boston-based Longpoint Realty Partners for $331.3 million, which clocked in as the top industrial transaction of 2024.
The year is ending with a flurry of smaller deals for industrial projects and development sites. Chicago-based First Industrial Realty Trust and Coconut Creek-based Butters Group paid $15.7 million for 21 acres in Medley that are slated for development of a 440,000-square-foot warehouse, records and Vizzda show. In a separate deal, Butters acquired another development site in Medley totaling six acres for $19 million.
Last week, MetLife Investment bought a Doral warehouse for $22 million, records and Vizzda show.