Cabot Properties Acquires Modern Logistics Properties In South And Central Florida

Cabot Properties announced the acquisition of two modern logistics portfolios in Florida – a three-building, Class A logistics portfolio located in Palm Beach County and the McCoy Logistics Center located in Orlando – totaling over 1.3 million square feet.

The acquisitions advance the firm’s strategy to invest in high-quality logistics assets concentrated in dynamic, supply-constrained markets across the U.S., Europe and Asia Pacific.

The Palm Beach portfolio is a collection of three Class A, fully leased properties (two fronting the Florida Turnpike and the third located immediately south of Palm Beach International Airport) totaling 450,505 square feet. The rear-load distribution facilities were built between 2021 and 2023, and feature 32-foot clear heights, dock and grade-level loading, ESFR sprinkler systems, LED lighting and 115-foot to 185-foot truck court depths. All the properties benefit from exceptional connectivity to major transportation and logistics nodes including the Palm Beach International Airport, I-95, and the Port of Palm Beach, all conveniently accessible within a 10-mile drive of the buildings. Each property is targeting BREEAM Certification.

Keith Funston, Senior Director of Investments for Cabot Properties, commented: “These Palm Beach acquisitions allow Cabot to increase our scale in supply-constrained South Florida with modern, stabilized, assets situated in one of the most densely populated regions in the U.S. We believe that continued demand for goods and services from the Palm Beach area’s concentrated, affluent, and growing population should support healthy industrial real estate fundamentals over time. These investments further expand our presence within a competitive and evolving market.”

The three-building McCoy Logistics Center consists of two rear-load properties and one cross-dock facility totaling 837,115 square feet, which were all fully occupied at the time of purchase. The buildings were built between 2022 and 2023 and feature dock-level loading, an average of 34-foot clear heights, 185-foot truck court depths, ESFR sprinkler systems, LED lighting and 555 auto parking spaces. The center benefits from close proximity to the Orlando International Airport just three miles away, as well as the Florida Turnpike and I-4, which provides same-day trucking access to the key regional hubs of Tampa, Jacksonville, Miami and Atlanta.

“The McCoy Logistics Center provided a compelling opportunity to acquire three best-in-class distribution properties and expand Cabot’s footprint in one of the leading high-growth industrial markets in the Southeastern U.S.,” said Brooks Neblett, Director of Investments for Cabot Properties. “Orlando’s unique combination of strong economic and demographic fundamentals, transportation and geographic connectivity, and favorable supply-demand dynamics aligns with our strategy of investing in key consumption markets. These modern facilities with a diversified tenant base offer the opportunity to capitalize on the continued demand from occupiers’ critical need to have a presence in one of the fastest growing metro areas in the U.S.”