Greg Miller, Scott O’Donnell and Dominic Montazemi of Cushman & Wakefield’s Capital Markets Team, in conjunction with the Cushman & Wakefield Industrial Team Chris Metzger, Rick Etner Jr. and Christopher Thomson, Represented HS Real Estate Capital GPC, LLC, in the Disposition of the Building
SUNRISE, FL, July 22, 2019 — Cushman & Wakefield has arranged the sale of 300 International Parkway, a ±58,961-square-foot warehouse and distribution center in Broward County.
The Cushman & Wakefield Capital Markets team of Greg Miller, Scott O’Donnell and Dominic Montazemi, accompanied by the Cushman & Wakefield Industrial team of Chris Metzger, Richard F. Etner Jr. and Christopher Thomson, negotiated the sale on behalf of HS Real Estate GPC, LLC, an affiliate of Fort Lauderdale-based SunCap Opportunity Fund, LLC, which has invested more than $30 million in industrial assets in the past six months. Le Forte Investment, LLC purchased the property for $8.7 million ($148 per square foot).
300 International Parkway is fully occupied by Hydraulic Supply Company. For more than two decades, this location has served as Hydraulic Supply Company’s corporate headquarters and primary distribution hub for their 24 retail locations located throughout the Southeastern US and Latin America. The building is leased through September 2028.
Hydraulic Supply Company is a subsidiary of Birmingham, Alabama-based Motion Industries, Inc., a leading industrial parts distributor with annual sales of $6.3 billion. Motion Industries, Inc., in turn, is a subsidiary of Atlanta-based Genuine Parts Company (GPC), a global parts distribution company with sales of more than $18.7 billion in 2018.
300 International Parkway was developed in two phases on a ±5.7-acre site in Sawgrass International Corporate Park. The first phase was constructed as a build-to-suit in 1996 to serve as Hydraulic Supply’s corporate headquarters and primary distribution point. As originally configured, the asset comprised ±14,000 square feet of corporate office space and ±26,000 square feet of warehouse and distribution space. A second phase was completed in 2008 to accommodate the company’s growth, adding an additional ±18,961 square feet of warehouse and distribution space and bringing the total square footage to ±58,961 square feet.
The property is centrally located in Broward County, offering immediate access to major highway systems and frontages along the Sawgrass Expressway. Located in the heart of the West Sunrise industrial submarket, 300 International Parkway offers a superior in-fill location off of the Sawgrass Expressway and is strategically located immediately west of Port Everglades, through which Hydraulic Supply Company ships its inventory.
“300 International Parkway represented a sound investment with stable cash flows and minimal management effort given the tenant’s long history and stable future at this location, backed by a credit-worthy entity,” said Miller.
“The asset’s location in Sawgrass International Corporate Park, directly opposite an Amazon fulfillment center, is irreplaceable and highly valued by investors in an ever-tightening industrial market,” added O’Donnell. “This premier South Florida location continues to attract institutional owners and blue-chip tenants.”
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.