CBRE provided advisory services to Cabot Properties, of Boston, Mass., on a 1,455,665-square-foot, six-building Class A industrial portfolio comprising three buildings measuring 664,070 square feet in South Florida and three buildings measuring 791,595 square feet in Atlanta.
The portfolio subsequently became part of a $1.475 billion national transaction whereby Liberty Property Trust, of Malvern, PA, acquired Cabot Industrial Fund III, a national portfolio measuring 23 million square feet and comprising 177 buildings.
The three South Florida properties feature contemporary design specifications such as 24’ to 32’ clear span heights and 118’ to 135’ truck court depths. Two of the buildings are located immediately adjacent to I-75 in Weston Business Center; the third is located in Medley, at the intersection of the Florida Turnpike and Okeechobee Road.
“The South Florida market for core industrial offerings is extremely liquid. In this case, the purchaser took on a 136,970-square-foot vacancy in the Medley building assured by Miami’s robust industrial absorption, which totaled 8.1 million square feet over the last 33 months,” said CBRE Vice Chairman Christian Lee of CBRE’s Capital Markets Institutional Group in Miami.
Christian Lee and Chris Riley, both Vice Chairmen within CBRE Investment Properties, represented the seller, assisted by Charles Foschini, Vice Chairman, Debt & Equity Finance; Tom O’Loughlin and Devin White, both Vice Presidents within Industrial Brokerage; and José Lobón, Associate, Capital Markets Institutional Group.
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