Amazon leased warehouse in Coral Springs sells for $ 92 million – Commercial Observer
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An industrial complex pre-let to Amazon in Coral Springs, Florida, sold for a total of $ 91.8 million, according to property records.
The property, Coral Springs I and II Shopping Center, spans two one-story warehouses located on a section of the Sawgrass Highway that borders the Everglades National Park.
The e-commerce giant will be hosted in one of two warehouses, at 4000 NW 126th Avenue. The company will use the 441,162 square foot industrial building, built in 2019, as a “last mile” facility to deliver goods to customers when it moves into the facility next year, according to the. South Florida Business Journal. The property was sold for $ 67.1 million.
Across the block is the other property, a 377,590 square foot warehouse, which sold for $ 24.7 million. Gas manufacturer Adora at occupied 120,000 square feet inside the establishment 4250 Coral Ridge Drive since 2019.
The trade appears to be tied to a nationwide industrial sale. Swedish private equity firm EQT AB sold a portfolio of 328 warehouses to an anonymous Asian sovereign wealth fund last month for $ 6.8 billion, one of the most expensive industrial property sales ever in the United States, The Wall Street Journal reported.
Just months before the notable April deal, EQT had bought a stake in the original owner of the Coral Springs warehouses, based in Pennsylvania Exeter property group, for $ 1.87 billion. Exeter Property Group is recorded as the owner of Florida properties in public records.
Exeter Property Group representatives did not respond to requests for comment.
Like many parts of the country, industrial properties in South Florida have appreciated in value this year as consumers have flocked to online shopping in the wake of the pandemic. The average selling price rose to $ 154 per square foot in the third quarter of 2021, from $ 129 per square foot in the same period last year, according to the brokerage Newmark.
Julia Echikson can be reached at [email protected].
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