Developer Secures Construction Loan For South Florida Warehouse
Summit Realty acquired the vacant land for $20 million in 2023.
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Summit Realty acquired the vacant land for $20 million in 2023.
The property last sold in 2017 for $ 1,480,000.
Foundry originally acquired the site for $8.75 million in 2022
Avison Young’s John Crotty, CCIM, David Duckworth, Michael T. Fay and Brian de la Fé represented the seller in the transaction.
The eatery will relocate to the Class A mixed-use office and retail development in early 2025.
The brokers will split time between the firm’s Miami and Deerfield Beach offices.
Senior Director Yoav Yuhjtman, along with Senior Managing Directors Roberto Pesant and Jaret Turkell, and Associate Director Omar Morales of Berkadia South Florida led the transaction on behalf of the seller, New York-based real estate investment firm Axonic Properties.
The industrial project is approved for eight buildings. Phase I of Race Track Logistics will comprise 620,738 square feet across four buildings with an expected completion date by September 2025.
Stream Managing Director and Executive Vice President Shay Pope facilitated the renewal, representing Pipeline in the transaction. Steven Hurwitz, Doug Okun, and Madeline Fine of JLL represented the landlord.
Donna Abood, Joe Abood, and Peyton Dowd of Savills have been appointed to market the commercial sale and leasing opportunities for the project.
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