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Adler Group Sells 1M SF of Industrial for $60M-Plus

MIAMI-The seven South Florida properties, in locally based Adler Group's FlexxSpace portfolio, were sold to five buyers. The properties, primarily industrial, are Airland Industrial Center, Flag Industrial Center, Quail Roost Warehouses, Ideal Commercial Center, New Town Commerce Center, Palmetto Lakes Industrial Park and Vanderbilt Square.

By Melissa Bogdany | Updated on July 06, 2004

MIAMI-Adler Group has sold five South Florida properties with a combined 1.2 million sf and aggregately valued at more than $60 million—with the exact figures kept confidential, according to CEO Michael M. Adler. The properties are in the company’s FlexxSpace portfolio–a fund consisting of dollars from Adler Group and Apollo Real Estate Investors of New York.

The Airport Technical Center LLC purchased the 50,400-sf Airland Industrial Center from Tamiami Flexspace Ltd. Sarah’s Canal Co. LLC bought Flag Industrial Center, Quail Roost Warehouses and Ideal Commercial Center, which total 218,765-sf, from Tamiami Flexspace Ltd. New Town Holding LLC bought the New Town Commerce Center, consisting of 291,547 sf of flex space, from New Town Commerce Center Ltd.

In addition, Carlyle Palmetto I-IX Trusts purchased the 492,906-sf Palmetto Lakes Industrial Park from Palmetto FlexSpace, Ltd and Vanderbilt Canal Co. LLC bought Vanderbilt Square, 162,219 sf of industrial space, from Vanderbilt Square Associates Ltd.

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