Exeter Property Group buys Miami Gardens industrial property for $14M
Seller is tied to RC Home Showcase, which occupies the entire building
Exeter Property Group bought a Miami Gardens industrial building occupied by RC Home Showcase for $13.5 million.
The Conshohocken, Pennsylvania-based commercial real estate investor, developer and manager purchased the property at 16115 Northwest 52nd Avenue from K2 Aluminum in an off-market deal, according to broker Jonathan Salk of Vanguard Realty Advisors.
The seller is registered to Manuel Kronfle and Ana Maria Paez, who also are affiliated with RC Home Showcase, state corporate records show. RC Home Showcase is a distributor of aluminum windows and doors for residential and commercial real estate.
RC Home Showcase will continue to lease the building, Salk said, but declined to disclose the lease terms. K2 Aluminum bought the 103,397-square-foot building in 2014 for $5.2 million, records show.
Exeter Property Group, led by Edward “Ward” Fitzgerald, is an investment manager, focusing on office, life science, multifamily, and logistics and industrial real estate, according to its website. Since its inception in 2006, it has managed more than $10 billion in equity on behalf of global institutions, including pension funds, foundations, university endowments and sovereign wealth funds.
The Miami-Dade County industrial market has thrived during the pandemic, in large part because of e-commerce growth. In the first quarter, 1 million square feet of industrial space was leased to e-commerce tenants, representing half of the space leased to e-commerce tenants in all of 2020, according to JLL.
The hot market has prompted an active investment sales and lending season. In December, Exeter Property scored a $74.9 million construction loan for the second phase of its Coral Springs Commerce Center.
This month, TA Realty bought a Hialeah Gardens warehouse at 14001 Northwest 112th Avenue for $25.8 million, and Ivy Realty bought a Miami-Dade warehouse with cold storage at 6950 Northwest 77th Court for $26 million.