Lincoln Property JV Buys Fort Lauderdale Facility for $44M
The partnership secured a $79 million loan.
Lincoln Property Co., in joint venture with Walton Street Capital, has purchased a 226,392-square-foot distribution center for $43.8 million in Weston, Fla. The buyer assumed a $41.8 million loan and increased it to approximately $79 million through an amended and restated note, originated by Nuveen, TIAA’s subsidiary, Broward County public records show.
CBRE negotiated on behalf of the seller, Manova Partners, formerly known as GLL Real Estate Partners. The asset previously traded in 2018, when Becknell Industrial sold it for $30.4 million, CommercialEdge shows.
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The deal represents the partnership’s third industrial transaction in the last four months, bringing the companies’ footprint in the South Florida area to more than 700,000 square feet. Lincoln Property Co. will be the property manager at the building, that was 54 percent leased at the time of its trade. Tenants include Mondelēz International and Vital Pharmaceuticals Inc., according to CommercialEdge.
The cross-dock industrial building is at 1600 N. Park Drive, close to interstates 75 and 595 that allows easy access through metro Miami. Fort Lauderdale-Hollywood International Airport is 17 miles from the property, while Miami International Airport is 27 miles away.
Built in 1994, the two-story building includes 25-foot clear heights, two drive-in doors, 46 dock-high doors and dock levelers and bumpers. Additionally, the 13-acre property features 226 vehicle parking spots and 11 trailer spots.
Vice Chairmen José Lobón, Trey Barry and Frank Fallon, Vice Presidents Royce Rose and George Fallon, together with Financial Analysts Gabriel Braun and Daniel Sarmiento with CBRE worked on behalf of the seller.
Big deals in the area
Recent notable industrial acquisitions in the Miami metro include the purchase of a 505,436-square-foot industrial campus in Opa-Locka, Fla. Link Logistics sold the property known as Ironwood Commerce Center to TA Realty in December.
One month earlier, Longpoint Partner picked up a 1.4 million-square-foot South Florida portfolio in a $331.3 million deal. Blackstone sold the industrial portfolio, that includes mostly infill, last-mile facilities.
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