Former Bang Vitality warehouse. Picture courtesy of Cushman & Wakefield
Summit Actual Property Group’s Arrowrock US Industrial Fund IV has acquired Bang Vitality’s former warehouse and distribution middle in Pembroke Pines, Fla. Important Prescription drugs bought the 224,650-square-foot asset for $59.7 million, with the help of Cushman & Wakefield. The acquisition additionally consists of 23.2 acres of land, 13 acres of which being already zoned for growth.
The sale closed simply as Monster Beverage Corp. acquired approval to accumulate Bang Vitality in early July for $362 million, Forbes reported; the corporate had filed for Chapter 11 chapter in October 2022.
Area for future growth
Accomplished in 2018, the property beforehand traded in 2019 for $35 million, based on CommercialEdge knowledge. After the acquisition, the Class A constructing doubled as a Bang Vitality manufacturing facility and as a company accounting workplace for Important.
Positioned at 20311 Sheridan St., the warehouse is near State Route 27 and has entry to Interstate 75. The property is 27 miles from Fort Lauderdale, Fla., and 34 miles northwest of Miami.
The ability was a part of the 66-acre South Florida Distribution Heart that Important acquired from its builders, Core5 Industrial Companions and Helms Growth, in three separate transactions. The campus included two accomplished buildings and the above-mentioned growth web site.
Beneath the brand new possession, development will start on the 280,000-square-foot speculative constructing within the first quarter of 2024. Completion is predicted within the final quarter of the identical 12 months.
The Cushman & Wakefield crew representing the vendor included Govt Vice Chairman Mike Davis, Govt Managing Director Dominic Montazemi, Vice Chairman Rick Brugge, Senior Director Rick Colon and Administrators Greg Miller and Mike Ciadella. As well as, Vice Chairmen Rick Etner, Christopher Thomson and Chris Metzger, alongside Managing Director Matthew McAllister, will characterize the client in leasing the present constructing and the longer term growth.
Miami had 26 industrial properties underneath development and 32 within the deliberate and allowing phases as of July, set so as to add a complete of 31.6 million sq. toes to the present stock, based on CommercialEdge info. The metro’s emptiness fee clocked in at 4.0 % in June, 50 foundation factors beneath the nationwide common, a current report from the identical knowledge supplier reveals.
