Private Equity Fund Purchases 13 Broward Buildings

KTR Capital Partners announced it has acquired an industrial warehouse portfolio including 13 buildings in South Broward.
Terms of the acquisition were not disclosed. The buildings, which are located in Hollywood and Dania Beach, have frontage along Interstate-95 and are currently 95 percent leased. Developed between 1989 and 2000, the buildings range in size from 24,000-square-feet to 64,000-square-feet.
The acquisition gives the New York-based private equity fund, which specializes in industry property, a total of more than 9 million square feet in the Southeast.
“This acquisition was an opportunity to purchase a note directly from the lender and ultimately acquire the fee at closing on a portfolio of functional, in-fill buildings at a very attractive basis,’’ PJ Charlton, senior vice president at KTR said in a statement. “We have had substantial leasing activity already from prospective tenants since taking ownership and we plan to invest additional capital to reposition the assets as the economy continues to recover. ”

Source:  Miami Herald


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