Amazon-Leased Warehouse in Coral Springs Sells for $92M
By Julia Echikson December 14, 2021 6:40 pmreprints
An industrial complex pre-leased to Amazon (AMZN) in Coral Springs, Fla., has sold for a total of $91.8 million, property records show.
The property, Coral Springs Commerce Center I & II, spans two one-story warehouses located on a section of the Sawgrass Expressway that borders the Everglades National Park.
The e-commerce giant will be housed in one of the two warehouses, at 4000 N.W. 126th Avenue. The company will use the 441,162-square-foot industrial building, built in 2019, as a “last-mile” facility to deliver goods to customers when it moves into the facility next year, according to the South Florida Business Journal. The property sold for $67.1 million.
Across the block sits the other property, a 377,590-square-foot warehouse, which sold for $24.7 million. Gass manufacturer Adora has occupied 120,000 square feet inside the facility at 4250 Coral Ridge Drive since 2019.
The trades appear to be tied to a nationwide industrial sale. Swedish private-equity firm EQT AB sold a portfolio of 328 warehouses to an unnamed Asian sovereign-wealth fund last month for $6.8 billion, one of the priciest ever sales of industrial properties in the U.S., The Wall Street Journal reported.
Only a few months prior to the notable deal in April, EQT had purchased a stake in the original owner of the Coral Springs warehouses, Pennsylvania-based Exeter Property Group, for $1.87 billion. Exeter Property Group is recorded as the owner of the Florida properties in public records.
Representatives for Exeter Property Group did not respond to requests for comment.
Like in many parts of the country, South Florida’s industrial properties have soared in value this year as consumers flocked to online shopping in wake of the pandemic. The average sale price grew to $154 per square foot during the third quarter of 2021, up from $129 a square foot at the same time last year, according to brokerage Newmark.
Julia Echikson can be reached at Jechikson@commercialobserver.com.