Invesco buys majority share of SoFla industrial portfolio: $98M
New joint-venture assumed five loans as part of purchase
February 17, 2016 05:45PMBy Sean Stewart-Muniz
The industrial building at 16250 Northwest 59th Avenue, one of the seven sold by the Easton Group
Invesco Advisers just paid $98 million to the Easton Group for the majority interest of a substantial South Florida industrial portfolio.
The deal closed Tuesday, attorneys Danielle Gonzalez and Rick Giusto of Greenberg Traurig told The Real Deal. Included in the sale was more than 675,000 square feet of industrial space spread throughout seven buildings, together totaling about 54 acres of land. Six of the buildings are in Miami-Dade County and one is in Broward County.
An Easton spokesperson disclosed the price to The Real Deal, which breaks down to $145 per square foot.
The Easton Group will remain the properties’ manager and a minority owner with a 10 percent interest under the new joint-venture, according to the Easton spokesperson. Under the new agreement, Easton’s five loans — issued from three different lenders — will be assumed by the joint-venture.
Easton Group’s in-house brokerage Easton & Associates represented the firm for this deal, and Invesco was also self-represented. Attorneys Gonzalez and Giusto worked on behalf of Invesco.
“I’m very proud of my son Eddie who handled this transaction from the very beginning and created a win-win situation for all parties,” Edward W. Easton, founder and chairman of the Easton Group, said in a statement.
Here’s a list of the properties and their square footages:
1600 NW 59th Avenue, Miami Lakes
16250 NW 59th Avenue, Miami Lakes
5800 NW 163rd Street, Miami Lakes
5890 NW 163rd Street, Miami Lakes
2200 NW 84th Avenue, Doral
2330 NW 82nd Avenue, Doral
2600 SW 39th Street, Hollywood
Invesco is a global investment manager headquartered in Atlanta, Georgia. Its market focus depends on the city it’s trading in, Giusto said, but Invesco’s Miami activity regularly includes the industrial sector.
Giusto said both firms are long-term clients of Greenberg Traurig.
“We made the introduction a few years ago,” he told TRD, “because we thought it’d be a good match.”
Source: The Real Deal