Corebridge Financial is buying a Miami Gardens warehouse for $25.5 million that is fully leased to Moishe Mana, as South Florida industrial investment sales continue to flow despite elevated interest rates.
Lightstone and Mavik Capital Management, both based in New York, are under contract to sell the 134,000-square-foot facility at 15801 Northwest 49th Avenue to Corebridge, according to sources familiar with the deal. Houston-based Corebridge Financial offers life insurance, employer retirement plans and annuities, as well as institutional investment opportunities, including in real estate through its Corebridge Real Estate Investors arm.
Completed in 1985, the warehouse sits on nearly 5 acres, records show. Lightstone bought the building for $20 million in 2021, financing the purchase with a $15.6 million loan from New York-based Ladder Capital. Mavik subsequently invested in the deal.
Ladder put the debt into the LCCM 2021-FL3 collateralized loan obligation, or CLO, according to records. The loan on the warehouse is performing, meaning the sellers are current on their debt service payments, but it is watchlisted due to its impending August maturity, according to Morningstar Credit, which provides insight on the performance of debt.
Mana, who is best known in South Florida for his Wynwood and downtown Miami investments, originally leased the warehouse in 2018. He uses it for his document storage company, GRM Information Management. Last year, Mana renewed the lease for a five-year term, the sources said.
Lightstone, led by CEO David Lichtenstein, is an investment, development, financing and management firm, according to its website. Its portfolio includes 25,000 multifamily units; 5,100 hotel keys; 12.1 million square feet of industrial and retail space; and $1.4 billion of assets under management through its real estate investment trust.
Corebridge Financial, led by CEO Kevin Hogan, had $393 billion in assets under management and administration as of March 31, according to its website. Its Corebridge Real Estate Investors division, led by CEO Douglas Tymins, had $11 billion of assets under management across 45 million square feet globally.
Mavik, led by CEO Vik Uppal, has roughly $1 billion in assets under management.
Lightstone didn’t immediately respond to a request for comment. Corebridge and Mavik declined to comment.
South Florida industrial properties have continued to trade, despite elevated interest rates, skyrocketing insurance, skittish bank lending and other economic headwinds. This month, Doral-based Sunshine Gasoline Distributors paid $18.2 million for the nearly 50,000-square-foot industrial building at 2185 West 76th Street in Hialeah.
Pompano Beach also has caught investors’ eyes. This month, Tishman Speyer dropped $100.2 million for the fully leased 256,000-square-foot Rock Lake Business Center warehouse complex on 35 acres at 3150-3250 Northwest 33rd Street. The deal marked the New York-based firm’s first investment in Florida’s industrial market.
In May, Dallas-based Invesco Real Estate picked up a pair of warehouses at 1280-1300 Northwest 22nd Street and 2151 Blount Road for $23.8 million, and Blackstone’s Link Logistics picked up a manufacturing and distribution facility at 3141 Southwest 10th Street for $20.7 million. Both properties are in Pompano Beach.