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Sunday, April 14, 2024

Chick-Fil-A Pays $51M For Weston Warehouse

Chick-Fil-A is boosting its fowl quick meals distribution in South Florida after buying a Weston warehouse for $50.5 million.

An affiliate of the Atlanta-based chain purchased the 207,335-square-foot facility at 3225 Meridian Parkway that was accomplished in 1995, data present. The deal breaks right down to $244 per sq. foot.

The vendor, a fund managed by Boston-based Cabot Properties, paid $30 million for the 15.8-acre industrial web site in 2019, data present. The property is within the Weston Park of Commerce.

The acquisition marks Chick-fil-A’s first acquisition of a South Florida warehouse to provide and distribute meals to its eating places in Miami-Dade, Broward and Palm Seaside counties. The quick meals chain, led by CEO Andrew Truett Cathy, owns 9 different distribution facilities within the Midwest and South US

In 2020, Chick-Fil-A entered the South Florida market by asserting it could open seven eating places within the area. Since then, the corporate has opened 47 Chick-fil-A shops in Miami-Dade, Broward and Palm Seaside counties.

Industrial trades in South Florida stay regular. Final month, EQT Exeter, a Radnor, Pennsylvania-based actual property funding belief, acquired a warehouse and workplace constructing in Doral for $14.5 million.

In January, Boston-based Longpoint Companions paid $30 million for six industrial services close to Medley and Doral. The buildings have a mixed 126,050 sq. toes of warehouse house.

The identical month, Coral Gables-based ComReal offered Lakes Edge Innovation Heart, an 80,158-square-foot warehouse in Doral. Aventura-based actual property investor Sebastian Guejman paid $17.5 million for the property.

Additionally in January, a three way partnership between Baltimore, Maryland-based ABR Capital, and Darien, Connecticut-based East Capital Companions paid $38.5 million for six industrial warehouses and two workplace buildings close to Medley. Miami-based Cofe Properties offered the portfolio.

Within the fourth quarter, the economic market in Miami-Dade, Broward and Palm Seaside counties had emptiness charges of three.2 %, 3.5 % and 4.2 %, respectively, based on a CBRE report. The common asking lease within the tri-county area was about $15.60 per sq. foot.

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