Marcus & Millichap Announces $62.65 Million Industrial Portfolio Sale
FORT LAUDERDALE, Fla., Oct. 4, 2021 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of a seven-property industrial portfolio across five Florida cities. The fully occupied, net-leased portfolio sold for $62.65 million.
Tyler S. Kuhlman, senior associate in Marcus & Millichap’s Fort Lauderdale office and Douglas K. Mandel, executive managing director, exclusively represented the buyer, Redfearn Capital, a Delray Beach-based full-service private real estate investment firm with assets valued at more than $300 million. The seller was The Federated Companies, led by principal Jonathan Cox.
“This trade illustrates the continued demand for industrial space throughout the state of Florida,” said Kuhlman. “The COVID-19 health crisis transformed logistics and consumer behavior, igniting a rise in demand for industrial space.”
The properties are:
• 4000 Shader Road, Orlando
• 5515 W 5th St., Jacksonville
• 2101 W 33rd St., Jacksonville
• 2906 Corporate Way, Palmetto
• 940 Williston Park Pt., Lake Mary
• 12900 44th St. N., Pinellas Park
• 5120 Great Oak Dr., Lakeland
“The portfolio offered a unique opportunity for an investor to acquire a multi-city, net-leased industrial portfolio in sought-after metros with exceptional term, strong annual rent increases and strong corporate tenants in Florida’s high-barrier to entry industrial market,” commented Mandel.
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About Marcus & Millichap (NYSE: MMI)
With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.