TA Realty Pays $36M for FL Distribution Portfolio

By Timea Papp

Port 95 Distribution Portfolio

TA Realty has acquired the Port 95 Distribution Portfolio, a roughly 220,000-square-foot industrial property in Hollywood, Fla. According to public records, Guardian Life Insurance Co. sold the asset for $36.1 million. CBRE Capital Markets worked on behalf of the seller.

Located at 2551 S.W. 39^th St. and 4140 S.W. 30^th Ave., the facilities are 100 percent leased. The Port 95 Distribution Portfolio features two tilt-wall, 24-foot clear span height, dock-high buildings with 105-foot and 120-foot truck court depths, front and rear loading configuration and 10 percent overall office finish. Completed in 2000 and 2001, the buildings are within the 2.5 million-square-foot Port 95 Commerce Park.

“Port 95 is unquestionably the premier industrial distribution business park in Broward County. The park is surrounded by three major highway systems—Interstate 95, Interstate 595 and the Florida Turnpike—as well as Fort Lauderdale International Airport and Port Everglades,” CBRE Vice Chairman Christian Lee said in prepared remarks.

Lee and Vice Chairman Chris Riley, alongside Senior Vice President Jose Lobon, facilitated the deal. The CBRE team also included Vice President Amy Julian and Financial Analyst Joe Chick of the CBRE Capital Markets Miami office. Senior Vice President Tom O’Loughlin and First Vice President Larry Genet of CBRE’s Fort Lauderdale office assisted in marketing the property.

Last month, CBRE facilitated the sale of a fully leased distribution center in Pompano Beach, Fla. CenterPoint Properties purchased the 778,816-square-foot property.

Image courtesy of CBRE