1901 Mears Parkway in Margate, Florida — Courtesy: The STRO Cos.
By Joshua Burd
The STRO Cos. and Kushner Real Estate Group have added to their portfolio in the Southeast, acquiring a two-building, 48,000-industrial property outside Fort Lauderdale, Florida.
According to the firms, the complex at 1901 Mears Parkway in Margate benefits from its proximity to highways such as Interstate 95 as well as the greater Broward County and Palm Beach County markets. The buildings, meantime, have small-bay units ranging from 1,000 to 8,000 square feet with high ceiling heights and an abundance of parking.
JLL’s Cody Brais and Luis Castillo brokered the off-market sale. Terms were not disclosed.
“Our team is very excited about this transaction,” said Kevin Bramhall, STRO’s director of Southeast acquisitions. “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. 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.”
Brais added: “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.”
The acquisition is STRO and KRE Group’s third in the Southeast.
“We are excited to add 1901 Mears Parkway to our growing portfolio in the Southeast,” KRE Group President Jonathan Kushner said. “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 Companies.”
