Illinois-based developer Industrial Outdoor Ventures and San Francisco real estate investment firm Stockbridge Real Estate paid $64 million for a 38.5-acre industrial development site in Davie, Fla., property records show.
Located at 3055 Burris Road, the property sits between Florida’s Turnpike and U.S. 441, smack dab in the center of Broward County. The site now contains an RV and camping park called Twin Lakes Travel Park.
“This site is a unique e-commerce development opportunity in a market with very limited supply,” Eric Johnson, Industrial Outdoor Ventures’ vice president of development and acquisitions, said in a statement.
The site can accommodate tenants looking for as much as 400,000 square feet to house an e-commerce, distribution, corporate headquarters or manufacturing operation with heavy parking requirements, according to CBRE, which brokered the deal. While Industrial Outdoor Ventures has already rebranded the property as Davie Industrial Center, it has yet to issue a construction timeline, according to a CBRE spokesperson.
CBRE’s Larry Genet, Tom O’Loughlin and Jake Zebede represented both the buyer and seller in the deal. The team will now market the property for lease.
Stockbridge holds $23.4 billion under management, spanning 82.3 million square feet, per the company’s website.
Industrial Outdoor Ventures is fast expanding as the value of industrial assets has soared during the pandemic as consumers have flocked to online shopping. The firm plans to acquire $250 million in assets over the next 12 to 24 months, with a five-year plan to amass more than $1 billion in product type, according to the company’s website.
Others are getting into the South Florida industrial market. Just last week in West Palm Beach, Dalfen Industrial purchased the newly built warehouse of billionaire developer Jeff Greene for $60.6 million.