Adler Kawa pays $38M to Prologis for seven SoFla industrial properties
Portfolio includes more than 352,000 square feet of commercial space
March 29, 2016 04:30PMBy Sean Stewart-Muniz
1155 Northwest Broken Sound Parkway, one of seven properties sold to Adler Kawa
Aventura investment firm Adler Kawa just paid $38 million to Prologis for a portfolio of seven industrial properties in Broward and Palm Beach counties.
The seven properties were sold through separate transactions recorded Tuesday, according to county records. So far, three industrial buildings in Fort Lauderdale were picked up by an affiliate of Adler Kawa for about $10.75 million, and four more were sold in Boca Raton and Delray Beach for roughly $27.55 million.
County records show the buildings were formerly owned by KTR Capital Partners, which sold a massive industrial portfolio for $5.9 billion to Prologis and Norway’s sovereign wealth fund last year. A sizable chunk of those properties were located in South Florida.
For this portfolio sale to Adler Kawa, the seven properties totaled about 352,462 square feet. That means their collective $38 million price tag breaks down to just under $109 per square foot.
The investment firm financed its deal with a $26 million from KeyBank, Broward County records show. Adler Kawa is a joint-venture of the Adler Group, Kawa Capital Partners and Ganot Capital. The trio’s most recent investment fund paid $32 million for a pair of Boca Raton office buildings in December.
Here’s a breakdown of the properties included in the latest deal:
# of Buildings
3301-3375 Northwest 55th Street, Fort Lauderdale
3403-3475 Northwest 55th Street, Fort Lauderdale
5201 Northwest 33rd Avenue, Fort Lauderdale
1395 Northwest 17th Avenue, Delray Beach
1001 Northwest Broken Sound Parkway, Boca Raton
1155 Northwest Broken Sound Parkway, Boca Raton
1225 Northwest Broken Sound Parkway, Boca Raton
Source: The Real Deal