CBRE arranged the $35 million sale of Building A at South Florida Distribution Center, a 224,572-square foot state-of-the-art logistics warehouse located at 20311 Sheridan Street in Pembroke Pines, Florida. CBRE’s Larry Dinner, Tom O’Loughlin and Larry Genet arranged the transaction on behalf of the seller, Ft Lauderdale-based Helms Development and Atlanta-based Core5 Industrial Partners.
The property was purchased by Vital Pharmaceuticals represented by Sky Groden with JLL.
“We are excited to accommodate the needs of Vital Pharmaceuticals for Building A and Building B which is under construction. Vital Pharmaceuticals will locate their corporate headquarters, distribution and production facilities at the new location in Pembroke Pines” says Scott Helms of Helms Development. “This project, formerly a Women’s State Prison, has been a collaboration between the city of Pembroke Pines and the development partnership of Helms and Core5.”
“Core5 is very pleased with the SFDC project. We hope to continue growing our presence in the Florida market as market conditions allow,” stated Tim Gunter, President and CEO of Core5 Industrial Partners.
The transaction closed on Friday, February 15.
Situated less than one-half mile from the State Route 27, a popular shipping corridor, and under four miles to Interstate 75, the building is perfectly suited to benefit major business hubs in the area and can serve over 5 million people within a one hour’s drive time. Suburb interstate access, coupled with the trailer parking advantage, offers great advantage for e-commerce and office warehouse distribution companies.
The 750,000-sq.-ft. South Florida Distribution Center was developed by Helms Development and Core5 Industrial Partners in 2017.
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.
