MIAMI-Score another win for Transwestern. The privately-held commercial real estate firm just started a new assignment--managing 3,986,454 square feet of industrial space across Florida for Cabot Properties.
The four million-square-foot portfolio includes 25 properties, most of which are located in Broward and Palm Beach Counties. Just more than one million square feet is located in Central Florida, a region Transwestern is eyeing for continued growth.
“From a square footage standpoint, the Cabot deal mirrors the RREEF portfolio, with the exception that there is a component in Jacksonville,” Walter Byrd, managing director of Transwestern, tells GlobeSt.com. “With this assignment, we have grown to over 7.4 million square feet of institutional property management within the industrial sector throughout Florida.”
Transwestern took on the RREEF assignment of about 3.3 million square feet about 18 months ago. The industrial management assignment for Cabot marks Transwestern’s second statewide portfolio deal. Transwestern also won a leasing assignment for the 600,000-square foot Miami Tower in Downtown Miami earlier this year, and managers high-profile assets like 110 Tower in downtown Fort Lauderdale and Douglas Entrance in Coral Gables.
“This more than doubles our industrial portfolio across the state on the management side and increases our overall management portfolio by 45%,” Byrd says. “We are going to continue to grow that side of the business. We are looking at the next step in Central Florida to consider bringing on some brokerage capabilities.”
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