The STRO Cos. and KRE Group on Wednesday announced their third Southeast acquisition, two buildings in Margate, Florida, that together total 48,000 square feet.
The off-market transaction was facilitated by Cody Brais and Luis Castillo of JLL.
Located at 1901 Mears Parkway, the property is desirable due to its proximity to Interstate 95, Florida Turnpike, Sawgrass Expressway and the greater Broward County & Palm Beach County markets. The buildings boast small-bay units ranging from 1,000 to 8,000 square feet with high ceiling heights, and an abundance of parking.
“Our team is very excited about this transaction. We have been aggressively pursuing assets in South Florida and are happy to have secured another quality building that aligns with our core business plan of purchasing infill small- & shallow-bay logistics properties” Kevin Bramhall, STRO’s director of Southeast acquisitions, said. “We’re appreciative of the brokers and seller for their diligent and creative efforts in closing this transaction. We look forward to announcing more deals in Florida in the coming months.”
“Our team is excited to announce this sale and to have facilitated the partnership’s expansion into South Florida. The partnership was very attentive throughout the process and made this a quick seamless close,” Brais said.
Jonathan Kushner, president of KRE Group, stated “We are excited to add 1901 Mears Parkway to our growing portfolio in the Southeast. This acquisition reflects our strategy of investing in prime industrial properties and reinforces our commitment to expanding our presence in South Florida through continued collaboration with the STRO Cos.”
In announcing this transaction, STRO also noted its expansion plans.
“We are actively acquiring industrial warehouses in northern New Jersey and the Southeast region of the United States. Our national platform is well-capitalized, allowing us to move swiftly, offer favorable terms and execute transactions,” Albert Fitch, managing director of acquisitions, said.
