By Brian Bandell – Real Estate Editor, Philadelphia Business Journal
Radnor's EQT Real Estate has made another acquisition involving an Amazon.com-leased warehouse.
The real estate investment firm purchased a pair of South Florida warehouses, located in Deerfield Beach and Pompano Beach, for a combined $55.35 million.
The warehouse in Deerfield Beach serves as an Amazon.com delivery station.
Miami-based Elion Partners was the seller. Property data firm Vizzda confirmed the buyer was EQT Real Estate.
In the bigger deal, Elion Partners affiliate EV 1111 SW 30 LLC sold the 165,540-square-foot warehouse at 1111 S.W. 30th Ave. in Deerfield Beach for $37.95 million to Exeter 111 30th LLC. The price equated to $229 per square foot.
The Deerfield Beach warehouse last traded for $22 million in 2020, so it gained in value. It was built on the 13-acre site in 1985.
Meanwhile, Elion Partners affiliate EV 1121 LLC sold the 63,000-square-foot warehouse at 1121 N.W. 31st Ave. in Pompano Beach for $17.4 million to Exeter 1121 31st LLC. The price worked out to $276 per square foot.
Built on the 3.5-acre site in 1989, the Pompano Beach warehouse last sold for $15.25 million in 2022.
This is the third major deal in South Florida for Exeter in the past six months. In November, Exeter bought a Doral warehouse for $20.6 million. In early May, it paid $16.75 million for another Doral warehouse.
EQT Real Estate is formerly known as EQT Exeter and Exeter Property Group. Exeter Property Group was acquired in 2021 by Stockholm private equity firm EQT AB for $1.9 billion.
Full story: http://tiny.cc/5z9l001
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