Harbert Management drops $66M for Broward warehouse complexes

Harbert Management Corporation paid $65.8 million for a Broward County industrial park.

An affiliate of the Birmingham, Ala.-based investment management firm acquired Lauderdale Lakes Industrial Flex Park, a collection of 11 small-bay warehouses spanning nearly 360,000 square feet completed in 1973, records and Vizzda show. The deal breaks down to $183 per square foot.

Harbert, led by CEO Raymond Harbert, obtained a $39 million mortgage from Memphis, Tenn.-based Pinnacle Bank, records show. The 17-acre site is at 3435-3699 Northwest 19th Street and 1814-1896 Northwest 38th Avenue in Lauderdale Lakes.

Jose Sasson with Axiom Capital Advisors represented the buyer in the off-market deal, and Jordan Beck with Berger Commercial Realty represented the sellers, two entities managed by Steven Cooperman in North Lauderdale. In 2000, Cooperman’s entities paid $5.8 million for the industrial park, records show.

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Sasson said he reached out to the buyer. “I knew these guys were looking for small bay industrial assets when I came across this one,” he said. “It is very rare to find a 300,000-plus-square-foot portfolio of contiguous small bay warehouses in South Florida.”

Offering spaces of 5,000 square feet or less, Lauderdale Lakes Industrial Flex Park is 94 percent occupied with more than 140 tenants, Sasson said. Aventura-based Last Mile Holdings is providing leasing, marketing/branding, and strategic oversight of the warehouses, Sasson added.

The South Florida industrial market isn’t showing signs of slowing down as the new year unfolds. This month, Berkowitz Development Group paid $6.7 million for 19 acres in Homestead where the Coconut Grove-based builder is planning its first industrial project in the city. Berkowitz plans to develop a nearly 400,000-square-foot self-storage and distribution center on the development site west of the Homestead-Miami Speedway.

Ares Management paid $111 million for a development site at Countyline Corporate Park in Hialeah. The Los Angeles-based industrial real estate firm is planning a three-building complex on 52 acres on the northwest corner of Northwest 154th Street and West 40th Avenue.

Source: https://therealdeal.com/miami/2023/01/12/harbert-management-drops-66m-for-broward-warehouse-complexes/