This acquisition marks the firm’s second significant investment in Doral, following the recent groundbreaking of Bridge Point Doral, a project set to encompass over 2.6 million square feet of Class-A industrial space at full build out.
Prior to joining Lee & Associates South Florida, he served as Senior Associate at Apex Capital Realty and worked closely with CBRE, managing a national bank portfolio spanning three states and 150 locations.
Colliers Vice Chair Stephen Rutchik represented the long-term tenant in the lease renewal. Cushman & Wakefield’s Brian Gale, Andrew Trench, Ryan Holtzman, and Edward Quinon represented the landlord.
The purchase price translates to $230 per square foot.
The project is slated for delivery in October 2024.
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JLL Capital Markets arranged the financing for the 210,000-square-foot portfolio.
“This off-market sale was uniquely timed, allowing both parties to capitalize on the opportunity.”
The bankruptcy petition estimates the Hollywood warehouse’s value at $3 million and the Dania Beach condos at $850,000.
Building 39 of Terreno Realty Corporation’s Countyline Corporate Park, which is 100% leased to one tenant, is a 178,000-square-foot, 36-foot clear height industrial distribution building on 10.9 acres with 58 dock-high and two grade-level loading positions and parking for 156 cars.