Hersh Equity Group Acquires 118,500 SF Industrial Portfolio In Miami, Port St. Lucie
The properties are currently 90% occupied with short-term leases and rents that lag the market by 60%–80%.
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The properties are currently 90% occupied with short-term leases and rents that lag the market by 60%–80%.
The acquisition marks Olympus’ first asset in Miami and reflects the firm’s expansion into one of South Florida’s leading employment districts.
The four properties total 127,826 square feet and were purchased between 2018 and 2020 for a combined total of $28,900,000.
Spanning 509,447 square feet on approximately 12 acres, The HueHub will feature seven striking 35-story towers comprised of 4,032 thoughtfully designed and furnished residential units.
While working through the sale and due diligence period, Milopoulos secured a full-building tenant, East Coast Cabinetry, with the assistance of the tenant’s broker Richard D. Abraham, CCIM, SIOR, Broker-President with Abraham & Associates.
This deal marks one of the largest user purchases in recent history.
The portfolio was 91% occupied at the time of sale with 21 tenants.
Firm CEO Jaime Sturgis and COO Kaley Tuning represented the seller in the $5 million transaction, which equates to $650 per square foot.
The project replaces a formerly underutilized office property and aligns with the City of Fort Lauderdale’s long-term vision for Uptown Urban Village, which is aimed at bringing more residences and mixed-use development to the area near the Cypress Creek Tri-Rail Station and Fort Lauderdale Executive Airport.
Drew Kristol and Kirk Olson exclusively marketed the property on behalf of the seller.
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