Cabot Properties Picks Up Pair Of Broward Warehouses For $63 Million

Date: Author: Larry Genet

Cabot Properties bought a pair of distribution warehouses in the Weston Park of Commerce for a combined $63.05 million as Broward County’s industrial market remains red hot.

Lexington Lion Weston I, an affiliate of Clarion Partners, sold the 230,976-square-foot warehouse at 3245 Meridian Parkway to CICF II – FL2B02, an affiliate of Boston-based Cabot Properties, for $33.05 million.

The price equated to $143 per square foot.

The 207,335-square-foot warehouse at 3225 Meridian Parkway was transferred between the same parties for $30 million, or $145 per square foot.

Clarion Partners acquired both warehouses for a combined $30.6 million in 2004, so they more than doubled in value. They were built on the 31.7-acre site in 1995.

 

Source:  SFBJ

 

Larry Genet
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Larry W. Genet is a Senior Vice President in the CBRE, Inc. Miami, FL office. As part of the CBRE platform Mr. Genet can provide a wide range of services from local to Fortune 1000 clients including agency and tenant representation, asset or portfolio management, high level logistics, labor and data analytics prior to site selection, project/construction management, capital markets, owner user sales and valuation advisory services. CBRE is the global leader for real estate services worldwide.

Larry has extensive experience in landlord agency, tenant representation, acquisitions, dispositions and property management. As a third-generation commercial real estate professional and South Florida native, Larry boasts deep community ties, an intimate knowledge of the South Florida market and numerous professional contacts. Larry’s leasing expertise of industrial, office, land, retail and medical properties coupled with his experience in acquisitions and dispositions gives him the ability to represent a myriad of clients in the South Florida market. Additionally, Larry controls a portfolio of 13.5 million square feet allowing him to see every deal in the market. This ensures his clients never miss an opportunity. His knowledge of tenants and buyers in the market is top notch and when coupled with his team's vast portfolio, it's a winning combination.

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Larry W. Genet is a Senior Vice President in the CBRE, Inc. Miami, FL office. He is a consistent Top 10 producer locally and Top 10% in the Americas Industrial & Listings business line. Co-leading the top multimarket institutional level landlord team, Larry has closed some of the most significant deals in our market selling land, portfolios, one-off buildings and completing critical leases. Clients count on Larry to put their Marketing Action Plans into motion and execute by being a proactive force to fill vaccines and get buildings sold quickly and for top dollar. He and Tom O’Loughlin oversee the largest landlord portfolio in the South Florida market.   

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