“This is truly a full-circle moment for me,” said Rodriguez. “To think I was part of the original industrial team that helped with the land assemblage, marketing, and leasing of Kurv’s first Miami-Dade assets more than a decade ago, to now leading the firm’s Miami market, I feel like I’ve come home.”
The sale marks a nearly 490% gain in value over 14 years. The property last sold in 2012 for $3.9 million.
The new Weston location is near the company’s existing 64,000-square-foot headquarters in Miramar.
The expansion brings Garmin’s total footprint within the Park to approximately 364,606 square feet.
The property is currently 100% occupied by two tenants.
The purchase price works out to roughly $308 per square foot.
Acquired at 55% replacement cost, the Broward Logistics Portfolio is currently 83% leased to nine tenants.
The portfolio totals nearly 300,000 square feet and is over 90% occupied.
The lease brings Powerline Commerce Center to full occupancy, underscoring continued demand for well-located industrial space in Broward County.
The fund focuses on last-mile, multi-tenant logistics properties throughout the U.S.