Dealmaker: Marcus & Millichap Closes $181M in Industrial, Multifamily Sales
Marcus & Millichap, Calabasas, Calif. closed $180.6 million in Florida and New York industrial and multifamily property sales.
Marcus & Millichap Senior Associate Tyler Kuhlman and Executive Managing Director Douglas Mandel represented buyer Redfearn Capital, Delray Beach, Fla., when it acquired seven industrial properties in five Florida cities.
Seller The Federated Cos., Miami Beach, Fla., was represented in the transaction by company Founder and Principal Jonathan Cox. The fully occupied net-leased portfolio sold for $62.65 million.
“This trade illustrates the continued demand for industrial space throughout the state of Florida,” Kuhlman said. “The COVID-19 health crisis transformed logistics and consumer behavior, igniting a rise in demand for industrial space.”
The properties included:
–4000 Shader Road, Orlando
–5515 W 5th St., Jacksonville
–2101 W 33rd St., Jacksonville
–2906 Corporate Way, Palmetto
–940 Williston Park Pt., Lake Mary
–12900 44th St. N., Pinellas Park
–5120 Great Oak Dr., Lakeland
Mandel said the portfolio gave Redfearn Capital a chance to acquire a multi-city net-leased industrial portfolio with strong annual rent increases in Florida’s high-barrier to entry industrial market.
Marcus & Millichap also brokered a $118 million multifamily asset sale on Long Island, N.Y. The Vistas of Port Jefferson, a 244-unit, age 55-plus property in Port Jefferson Station traded for $483,607 per unit.
“This was a rare opportunity to acquire a new construction multifamily asset in a growing suburban market in the New York City metro area,” said Michael Tuccillo, a commercial real estate specialist in Marcus & Millichap’s Manhattan office. Tuccillo procured buyer Greystar, Charleston, S.C., and represented seller Benjamin Co., Garden City, N.Y., in collaboration with S. Charaton Realty Founder Jack Bick.
Built in 2019 on 27 acres, the 30-building property on the Suffolk County’s North Shore is five minutes from the Port Jefferson Long Island Railroad station. Northwell Mather Hospital is nearby. Fifteen percent of units are affordable housing for area residents earning less than 80 percent of area median income.