GLL closes purchase of suburban Ft. Lauderdale logistics warehouse

FORT LAUDERDALE, Fla. - June 12, 2018 - PRLog -- GLL Real Estate Partners, a member of the Macquarie Group, has completed the purchase of 1600 North Park Drive, a fully-leased warehouse distribution center in Weston, Florida, a suburb of Ft. Lauderdale.  The purchase was made on behalf of one of GLL's institutional clients.

"Our North American investment team continues to find and compete for compelling core assets like this in U.S. markets that have strong fundamentals, a positive outlook and high barriers to entry for new product," said Christian Goebel, Executive Vice President, GLL.

1600 North Park Drive is a 226,392 square foot cross-dock warehouse distribution building constructed in 1994 and located close to the area's major roadways including I-75, I-595, I-95 and Florida's Turnpike. It is also less than 35 miles from the Port of Miami, Miami International Airport, Ft. Lauderdale-Hollywood International Airport and Port Everglades and within a 60-minute drive of 80 percent of the population of South Florida.

The building is leased to two tenants.

This is GLL's first purchase of a logistics warehouse facility in the U.S. The industrial vacancy rate in South Florida is less than 4 percent and new construction in its industrial markets is constrained by a shortage of developable land.  This is especially true in Weston, a popular suburban community with excellent amenities and where the average household income is nearly double that of the region.

The seller, was exclusively represented by the CBRE Capital Markets team of Christian Lee, Vice Chairman, Chris Riley, Vice Chairman, José Lobón, Senior Vice President, and David Wigoda, Senior Vice President.

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GLL Real Estate Partners is the real estate equity investment platform for Macquarie Infrastructure and Real Assets, a division of the Macquarie Group. A globally-active real estate fund manager and investment advisor headquartered in Munich, Germany, GLL operates 17 offices across the US, Europe, Asia, and Australia.  The group currently manages USD 8.4 billion, including more than USD 4 billion in the U.S. GLL employs varying commercial property strategies serving an investor group that includes pension funds, insurance companies and sovereign entities.