CBRE arranged the sale of FedEx Ground, a 100% net leased 285,005-square-foot mission critical distribution center.
CBRE’s Capital Markets Institutional Properties represented the seller, Ft. Lauderdale BTS, LLC, of Charlotte, North Carolina, in the sale of the asset to TIAA-CREF, of Charlotte, North Carolina for $50.53 million.
The property is located at 2700 NW 25th Street in Pompano Beach.
“Class A industrial product in South Florida always garners significant investor interest,” explained Chris Lee, Vice Chairman with CBRE. “However, with the addition of the quality tenant and long-term nature of the lease, this property is worthy of premium pricing.”
The building sits on a 26.78-acre site that was built to suit for FedEx Ground in 2006, and expanded in 2012. The 375-foot deep cross-dock building features a 30-foot clear span height, 90-foot to 160-foot deep truck courts, a custom material handling and sorting conveyor system, dedicated trailer storage parking and a secure and fully fenced perimeter.
FedEx Ground stands to benefit tremendously from the growth in e-commerce sales, which are projected to grow to $1 trillion by 2016 – equal to 1% of global GDP, according to FedEx’s 2013 Annual Report.
“This location is already mission critical to FedEx, but with South Florida leading the nation in projected population growth well above the national average, this location will become even more imperative,” added CBRE’s José Antonio Lobón.
The CBRE Capital Markets team representing the seller included Christian Lee, Vice Chairman in Miami; Chris Riley, Vice Chairman in Atlanta; and Brian Budnick, Senior Vice President in Atlanta. Also involved were Compie Newman, Senior Vice President in Charlotte, from CBRE Debt and Structured Finance; José Antonio Lobón, Senior Associate in Miami from CBRE Capital Markets Institutional Properties; and Tom O’Loughlin, Vice President from CBRE’s Industrial Leasing team in Fort Lauderdale.
Get the latest industry news and information from CRE-sources delivered right to your email inbox! And we promise…no more than one email each morning.
And we promise…no more than one email each morning.