Granite REIT has purchased a 124,500-square-foot industrial campus in Coral Springs, Fla., for $36.4 million, according to Broward County public records. A joint venture of Barings Real Estate and Arkadia Property Group sold the asset.
JLL Senior Managing Director Luis Castillo, Managing Director Cody Brais, Associate Taylor Osborne and Analyst David Orta Jr. worked on behalf of the seller.
Coral Springs Logistics Center is at 3850 and 3872 NW 126th St. Completed in 2021, the 7-acre park’s two rear-load buildings feature 24-foot clear heights, loading doors, ESFR sprinkler systems and a combined 21 dock-high doors. The campus is fully leased to Exclusive Trim and Marc Refrigeration.
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The asset is near interstates 595, 75 and 95, which provide access to the Miami and Fort Lauderdale, Fla. metro areas. Fort Lauderdale-Hollywood International Airport is 27 miles away while Miami is within 48 miles.
South Florida industrial in high demand
With Florida’s population growth and limited new supply, Miami stood out as national leader in rent gains, according to Yardi Research Data. The metro’s in-place rents stood at an average of $12.72 per square foot in May, up 9.8 percent over the past 12 months. Meanwhile, the national figure grew 6.3 percent, to $8.54.
A series of high-profile deals closed across South Florida since the start of the year, including Link Logistics’ sale of Airport Trade Center, a light industrial campus. The 371,976-square-foot property was acquired by East Capital Partners.
A month earlier, Corebridge Real Estate Investors made a $43.5 million purchase. The company picked up a 211,471-square-foot facility from Longpoint Partners, situated within the seller’s Sunshine State Industrial Park, a 5 million-square-foot campus.
In February, a joint venture between Lincoln Property Co. and Walton Street Capital made a $43.8 million purchase in the Fort Lauderdale area. The buyer picked up a 226,392-square-foot distribution center in Weston, Fla.