Cabot Properties Buys Miramar Warehouse in Broward County for $72M
Boston-based Cabot Properties purchased a Broward County distribution center for $71.55 million, according to brokerage Cushman and Wakefield, which represented the seller, Bridge Development Partners.
Located at 15501 SW 29th Street in Miramar, Fla., the Bridge Point Miramar industrial complex sits along Interstate 75, less than eight miles from the Everglades National Park. The 304,428-square-foot property holds 46 loading docks for trucks.
“The proximity to the ports of Ft. Lauderdale and nearby amenities provide a strategic advantage for tenants,” C&W’s Dominic Montazemi said in a statement. Mike Davis, Rick Brugge and Rick Colon of C&W also worked on the deal.
Cabot Properties plans to rent out the property, having retained C&W’s leasing team. The private equity real estate firm specializes in logistics properties. Since 1986, it has invested more than $12 billion in logistics real estate with more than 4,000 tenants, and operated more than 1,500 buildings totaling more than 200 million square feet, the company says.
Bridge Development acquired the Miramar industrial complex for $38 million in 2019, property records show. Headquartered in Chicago, the firm, like Cabot, specializes in operating industrial property, owning assets across the country and in the U.K.
South Florida’s industrial market is booming, having experienced its strongest quarterly performance in 11 years, according to data from brokerage Newmark.
Vacancy rates dropped half a percentage point to 4.6 percent between 2021’s first and second quarters, per Newmark. The average asking rent grew 28 cents to $9.29 a square foot. So did the net absorption rate, gaining a million square feet.
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