Greystar is jumping into Broward County’s industrial submarket after paying $30.5 million for a Coconut Creek development site.
An affiliate of Charleston, South Carolina-based Greystar, led by CEO Bob Faith, acquired roughly 36 acres on the corner of Lyons Road and Atlantic Boulevard, records and real estate database Vizzda show. The buyer also obtained a $63.1 million construction loan from Truist Bank.
The property is approved for three warehouses with a combined 384,000 square feet, Vizzda shows.
The seller, an entity managed by Celestino Ignacio Diaz Fernandez, acquired the property in 1992, records show. The previous sale price is not listed on the deed.
Greystar ‘s planned project is among the few new industrial developments planned for Broward this year. In the first quarter, no new projects broke ground in the county, according to a CBRE report.
Landlords are also seeing an uptick in empty spaces. The vacancy rate rose to 4.1 percent in the first quarter, compared to 3.8 percent during the same period of last year, the report shows.
Greystar owns and manages $79 billion in commercial assets in 17 countries, primarily focusing on multifamily development and investment, according to the firm’s website. In fact, Greystar is the largest apartment owner in the country with 122,545 units in its portfolio.
Still, the company also dabbles in industrial properties.
In October, Greystar and Coconut Creek-based Butters Group sold Midway Miami Park for $147 million to Los Angeles-based Ares Management. The joint venture completed the complex with four warehouses last year.
Last month, Greystar sold Solea at Miami Lakes, a multifamily development in Miami Lakes, for $115.9 million. New York-based Blackstone bought the 359-unit community of 11 three-story buildings.
Greystar also sold another large South Florida apartment community in December to Property Reserve, the real estate arm of The Church of Jesus Christ of Latter-day Saints. Property Reserve paid $102.4 million for Elan Polo Gardens, a 284-unit complex in Wellington that Greystar completed last year.