South Florida’s Industrial market continued its hot streak in 2022 — even topping 2021.
The top five sales for this year beat last year’s top five by square footage, sale price and average price per square foot.
In 2022, the top five sales totaled $628 million, compared with last year’s top-five total of $524 million. This year’s average sale price of $126 million more than doubled last year’s average of $105 million. The average price per square foot also was higher this year, at $255, compared to $223.
Here’s a look at South Florida’s top five industrial sales in 2022:
TA Realty pays $241M for warehouses in Medley’s Countyline Corporate Park
Boston-based TA Realty clinched this year’s priciest industrial deal, paying $241 million in November for 12 warehouses at 9701-9793 Northwest 91st Court in Medley.
TA Realty, a real estate investment firm, bought the property from DWS, a Chicago-based global asset manager. The sale equated to $227 per square foot.
CenterPoint Properties picks up three Miramar warehouses from Blackstone for $170M
In second place, Oak Brook, Ill.-based CenterPoint Properties paid New York City-based Blackstone $170.1 million in May for three warehouses in Miramar.
The warehouses, at 3701 Flamingo Road, and 2601 and 2701 Southwest 45th Avenue, span 550,212 square feet, 80,600 square feet and 109,109 square feet, respectively, according to published reports. The total price per square foot breaks down to $229.
MG3 buys a Walgreens distribution facility near Jupiter for $78M
In a sale-leaseback deal, MG3’s real estate investment trust paid $78 million, or $114 per square foot, in November for a Walgreens distribution center at 15998 Walgreens Drive near Jupiter.
Walgreens still fully occupies the 683,000-square-foot property, which serves 460 stores from central Florida to the Keys. Aventura-based MG3 has a strong focus on charter schools. Last year the company sold part of its Florida charter school portfolio for $242 million.
Terreno Realty pays $73M for two Countyline Corporate Park warehouses in Hialeah
In February, San Francisco-based Terreno Realty picked up two fully leased warehouses at Countyline Corporate Park for $73.2 million. The seller was Miami-based Florida East Coast Industries, an affiliate of New York City-based Fortress Investment Group.
The buildings total 407,000 square feet and sit on 19.8 acres at 4281 and 4341 West 108th Street in Hialeah.
Terreno Realty buys, owns and manages industrial real estate in six major coastal U.S. markets, according to its website. Fortress Investment Group manages $45.7 billion of assets as of September, according to its website. This deal equates to $180 per square foot.
Platform Ventures buys Medley cold storage facility for $66M
North Sioux City, S.D.-based Vertical Cold Storage paid $66 million for a 274,191-square-foot freezer facility in Medley in May. The seller was Camden, N.J.-based United States Cold Storage.
Vertical Cold Storage is affiliated with Kansas City-based Platform Ventures, an investment service. The deal equates to $241 per square foot.
The seller bought the 10-acre site for $3.7 million in 2003 and completed 189,195 square feet of freezer warehouse space a year later. The firm added another 85,188 square feet in 2019, records show.