Princeton, NJ-based CBRE Realty Trust paid $29 million at an 8.2% cap rate for the 601,500-square-foot industrial warehouse at West Point Trade Center, 2300 Pickettville Road. Dallas-based Hillwood Investment Properties developed the build-to-suit project for Dr Pepper, which consolidated its Jacksonville-based regional distribution into a single building.
Dr Pepper's lease at West Point expires in 2019. CBRE Realty Trust also owns a distribution center in the Jacksonville market, leased to Unilever, by way of a joint venture with Duke Realty Corp.
The trust's acquisitions in Miramar, in southwest Broward County, are its first presence in South Florida. CBRE Realty Trust paid a combined $42.5 million, or $190 per square foot, at a 10.1% cap rate for the Miramar I & II office buildings at 2300 and 2200 SW 145th Ave. Both buildings, which were completed in 2001-02, are fully occupied by DeVry University and Royal Caribbean Cruises Ltd., respectively.
DeVry's building is a two-story, 94,060-square-foot structure under lease through November 2017, while Royal Caribbean takes up 128,540 square feet in three stories with a lease through May 2016. Dallas-based Behringer Harvard has owned both Miramar buildings since its 2007 acquisition of IPC US REIT.
"All three of these buildings are great additions to our portfolio," Phil Kianka, COO of CBRE Realty Trust, tells GlobeSt.com. He adds that the trust consists primarily of 46% industrial plus 35% office.
CBRE Realty Trust now has a presence in all four of Florida's major metropolitan markets and will continue to seek additional investments within the Sunshine State. "We feel it has some fairly attractive opportunities, though we are being as selective as we can," Kianka says. "We are looking at the most attractive deals that will be most accretive to our fund."
CBRE Realty Trust worked with Jeffrey Torto, acquisitions director, and CBRE Investors in buying all three buildings. Jack Fraker with CBRE in Dallas assisted with the West Point deal, while Christian Lee of the firm's Miami office was in charge of marketing the Miramar buildings.
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