Granite REIT Acquires Fully Leased Coral Springs Logistics Center For $36.375M From Barings And Arkadia Property Group

The property asset involved in the transaction is a 7.04-acre industrial site located at 3850-3872 Northwest 126th Avenue in the Coral Springs market. The fully leased logistics center encompasses 124,000 square feet and was sold for $36,375,000, equating to a price per square foot of $293.

Summary of transaction details:

• Property Type: Industrial
• Transaction Amount: $36,375,000
• Address: 3850-3872 Northwest 126th Avenue
• Market: Coral Springs
• Asset Size: 7.04 acres
• Square Footage: 124,000 SF
• Price per Square Foot: $293
• Buyer: Kevan Gorrie - Granite REIT
• Seller: Mike Freno - Barings; Richard Kilstock - Arkadia Property Group
• Brokers: Luis Castillo, Cody Brais, Taylor Osborne & David Orta Jr. - JLL

This transaction highlights the involvement of Kevan Gorrie representing Granite REIT, acquiring the asset from a joint venture between Mike Freno of Barings and Richard Kilstock of Arkadia Property Group. The deal was facilitated by the JLL team, underscoring a notable increase in property value from its previous sale of $31 million in 2022, propelled by strong industrial rent growth in the Broward County area.