Cushman & Wakefield arranged the sale of Vista Business Park in West Palm Beach and Lupin Pharmaceuticals Building (also known as the Lupin Inhalation Research Center) in Coral Springs, which make up the premier South Florida Small-Bay Industrial Portfolio. The properties were sold in two separate transactions.
Vista Business Park was acquired by Midtown Capital Partners for $37 million while Lupin Inhalation Research Center was acquired by Lupin Research Inc., a subsidiary of Lupin Pharmaceuticals, Inc. for $12 million. Cushman & Wakefield’s Mike Davis, Dominic Montazemi, Rick Brugge, Rick Colon, and Greg Miller with support from Zach Eicholtz and Alex Sulte represented the seller, McCraney Property Company, in the transactions.
“This exceptional small bay industrial portfolio drew strong interest from a variety of institutional and private investors many of whom are based out of state,” said Davis, Vice Chair at Cushman & Wakefield. “Simply put there is massive interest from out-of-state investors to deploy capital in South Florida where there continues to be high demand for limited space and rent growth.”
“The timing was right to transact our Small-Bay projects based on the high demand for this product together with the relative cost to duplicate these types of assets. We congratulate Cushman & Wakefield on a job well done in helping us arrange these sales to Midtown Capital Partners and Lupin Research Inc., respectively,” added Steven McCraney, CEO and President of McCraney Property Company.
Vista Business Park in West Palm Beach is a 174,970-square-foot property with three buildings at 6903, 6917, and 6931 Vista Parkway N. and three additional buildings at 2253, 2255, and 2257 Vista Parkway. Lupin Inhalation Research Center is a 48,909-square-foot building located at 4000-4006 NW 124th Ave. in Coral Springs and was established in 2015 as a Center of Excellence to develop high quality respiratory products benefiting patients in the U.S. and other key markets.
“Ultimately, Midtown Capital Partners was selected as the buyer of Vista Business Park given their consistent track record as an institutional-quality investor. Their entrepreneurial creativity helped get this large transaction closed in nearly record-time during year-end 2021,” said Montazemi, Executive Director at Cushman & Wakefield.
“As for Lupin Research Inc., their purchase of the Lupin Inhalation Research Center marks their continued presence in Coral Springs, which will strengthen the South Florida market. Florida provides a strong business climate for advancement of innovative medicines and offers Lupin a unique value proposition consisting of a corridor of life sciences companies, universities, medical centers and research institutions,” Montazemi added.
South Florida Small-Bay Industrial Portfolio is 97 percent leased and is strategically located in Palm Beach and Broward County, two of the country’s most sought after industrial markets that have high barriers to entry. The portfolio offering features a majority tilt-wall construction,19-foot weighted average clear heights and both grade-level and dock-high loading that caters to diverse users.
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