The seller of the land, located on the northwest quadrant of Interstate 75 and Miramar Parkway, was Country Lakes LP. The sale price was between $18 million and $19 million.
This purchase is IDI's second recent purchase in the area. In October, the company bought two vacant buildings at that site, says Dick Levinson, a broker involved in the deal. Together, IDI's two purchases there total 77 acres.
"This is a major interchange. It's a prime distribution [area]," Levinson tells GlobeSt.com.
Levinson, senior associate with the Fort Lauderdale office of CB Richard Ellis Inc., represented Industrial Developments International Inc. in the sale. Lynn DeLorenzo of The Duncan Cos.' Plantation, FL office, represented Country Lakes LP.
IDI, based in Atlanta, develops, sells, leases and manages industrial warehouse/distribution facilities nationwide, currently in 28 states and in Mexico.
The company began in 1989. Since then, it has increased assets from $89 million to more than $478 million in wholly owned assets and an extra $480 million in joint venture assets. IDI's gross revenue has grown from $3.2 million in 1989 to more than $220 million in 2002. The company has developed more than 84 million sf of industrial space worth more than $3 billion.
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