Barings, one of the world’s leading investment managers, announced that it has acquired an approximately 124,000-square-foot industrial property located at 3850-3872 NW 126th Ave in Coral Springs.
The property sold for $31,000,000 or $241 per square foot.
Coral Springs Logistics Center is comprised of two Class-A shallow bay industrial buildings built in 2021, featuring 34′ clear height. Located in close proximity to the Sawgrass Expressway, the property is poised to serve the rapidly expanding population base across South Florida.
Barings acquired the Coral Springs Logistics Center in partnership with Arkadia Property Group, a South Florida-based investment and development company led by Richard Kilstock and David Aaron.
“We are excited to add Coral Springs Logistics Center to our existing portfolio,” said Chris Berry, Portfolio Manager for Barings U.S. Real Estate. “We believe Barings’ focus on modern, highly functional industrial assets in key submarkets has translated to the firm’s successful industrial track record.”
Barings has conviction that there is strong relative value in infill industrial assets such as Coral Springs Logistics Center due to the growing demand for last-mile delivery and the intense competition for logistics space. This conviction is reinforced by the annual rent growth experienced in the submarket and the limited availability of new developable land. As of Q4 2021, the Coral Springs submarket had a vacancy rate of 1.6% (CBRE, Q4 2021).
“Barings continues to target high-quality infill industrial assets, and we are excited to increase our footprint in the South Florida industrial market, given the strong tenant demand and barriers to new supply,” said Payton Larson, Director, Barings U.S. Real Estate.
“We are thrilled to be partnering with Barings,” said Richard Kilstock, Co-Founder and Managing Principal of Arkadia Property Group. “Arkadia’s focus on value, growth, and the South Florida market continues to yield great opportunities for our firm and our partners,” said David Aaron, Arkadia Property group’s Co-Founder and Managing Principal.
Consistent with Barings’ commitment to sustainability, the Coral Springs Logistics Center will present the Barings team with opportunities to incorporate ESG-specific features such as high-efficiency HVAC equipment, and the property has the ability to incorporate solar onto roofs.
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