Colliers’ Steven Wasserman and Erin Byers represented real estate investment firm Elion Partners in the recent acquisition of two industrial properties, expanding the firm’s strategic footprint in South Florida.
The properties include 2875 NW 77th Ave. in Miami, a 59,135 square foot building fronting the Palmetto expressway in the heart of Doral, purchased for $7.23 million from seller Pola’s Enterprises and 3400 Park Central Boulevard N. in Pompano Beach, a 43,000 square foot building, purchased for $4.15 million from seller KEI Properties, LLC.
The deals are indicative of the ongoing interest from institutional investors making strategic investments in industrial product, with a particular focus on South Florida. High barriers to entry such as limited land availability have forced investors to move swiftly, with the heightened demand for space especially evident in Miami-Dade County, as a colossal 1.27 million square feet of industrial space was absorbed during 2Q 2018.
“Elion Partners is interested in investing in income-producing, well-located industrial properties,” said Steven Wasserman, Executive Vice President with Colliers International.
Indeed, the private equity firm has recently acquired a 33,000-SF warehouse in Miami Gardens, and a 64,480-SF business plaza in Weston. Nationally, Elion Partners has $2 billion in assets, with about two-thirds consisting of industrial projects.
Elion Partners is actively in the market seeking new opportunites for industrial investment in South Florida.