EML Realty Partners owns two other PODS warehouse facilities in Port St. Lucie and Melbourne with institutional equity partner and private REIT Arctrust, totaling five PODS warehouse buildings on the east coast of Florida with a combined square footage of over 200,000 square feet of industrial space.
José Lobón, Trey Barry, Frank Fallon and Royce Rose with CBRE Capital Markets, represented the seller with the assistance of CBRE’s David Murphy.
Kent Cooper, CCIM, a CFCAR past president, was awarded Deal of the Year and 17 other awards were presented.
Axiom Capital Corp. has structured and arranged a $6.1-million permanent loan (10-year, fixed rate, non-recourse) for the acquisition.
The property is situated on 19.3 acres about a quarter mile from Interstate 4.
Site-clearing work begins this week and anticipated delivery for the first building — the largest, which will measure nearly 1 million square feet — will be in January.
Andrew Jaworski, along with Associate Tarek Chbeir, had the exclusive listing to market the property on behalf of the seller. The buyer was also procured by Jaworski.
On the selling end were four different entities registered to New York-based Blackstone Inc. subsidiaries in New York and Chicago. All five sales took place Feb. 17.
The buildings, built between 1968 and 1978, were sold after an intense bidding war at a notably strong cap rate, especially for older industrial assets, indicating that investor appetite is increasing in Florida’s secondary and tertiary markets.
Totaling 1.33 million square feet, the projects in Groveland and Ocala are both being developed on a speculative basis and will deliver in early 2023.