Prologis sold 18 industrial buildings in Broward and Palm Beach counties to an investment fund headed by Aventura-based Adler Kawa Real Estate Advisors for a combined $38.3 million.
This was the latest deal in a $53 million commercial real estate fund that Adler Kawa recently raised. In 2015 under the same fund, it paid $32.25 million for the Yamato Office Center in Boca Raton.
The portfolio is made up of three properties; Delray Park of Commerce in Delray Beach, The Park at Broken Sound in Boca Raton and Prospect Park I & II in Fort Lauderdale.
Delray Park of Commerce is a single building asset comprising 50,000 square feet of office and warehouse space. The property is two miles from the Ocean and is situated just off Congress Avenue with convenient access to I-95.
The portfolio includes three buildings in the Park of Broken Sound (formerly Arvida Park of Commerce) consisting of approximately 155,000 square feet. The properties are located less than one mile west of the I-95/Yamato Road Interchange in Boca Raton. This premier Palm Beach County sub-market contains 8.75 million square feet of office/research/flex properties over 850 acres and is also the location of AKREA’s Yamato Office Center asset.
The buildings Adler Kawa’s fund acquired in Boca Raton’s Park at Broken Sound include:
- 1001 N.W. Broken Sound Parkway, a 41,117-square-foot building built on 5.1 acres in 1980, sold for $5.25 million.
- 1155 N.W. Broken Sound Parkway, a 61,491-square-foot building built on 5.2 acres in 1981, sold for $10.15 million.
- 1225 N.W. Broken Sound Parkway, a 48,416-square-foot building built on 6.6 acres in 1983, sold for $6.6 million.
Prospect Park I & II is a fourteen- building, 145,000 square foot office and warehouse park located just off Commercial Boulevard in Fort Lauderdale. Prospect Park offers tenants access to both I-95 and the Florida Turnpike and is only a few miles from Fort Lauderdale Executive Airport.
“We are excited by the opportunity to grow our South Florida portfolio with highly accessible, well located real estate assets,” said Matthew Adler, President and CEO of AKREA. “This acquisition provided Adler Kawa the unique opportunity to purchase quality, multi-tenant light industrial and office assets in South Florida that meet the Fund’s cash flow oriented strategy with the opportunity to deliver superior risk adjusted returns to investors.”
HFF Director Marty Busekrus and Associate Director Jorge Portela represented the seller in the South Florida Portfolio transaction.
KeyBank provided a $26 million mortgage for all six properties in the deal.