Stockbridge, Industrial Outdoor Pay $59M for Deerfield Dev Site
Industrial Outdoor Ventures’ Thomas Barbera and Stockbridge Capital Group’s Terry Fancher and Sol Raso with 2501 Wiles Road (Industrial Outdoor Ventures, Stockbridge Capital Group, Google Maps)
Stockbridge Capital Group and Industrial Outdoor Ventures dropped $59 million for a Deerfield Beach industrial development site.
The pair bought the 22.7-acre property at 2501 Wiles Road from an affiliate of West Palm Beach-based construction firm Vecellio Group, according to records and a release from the seller’s broker.
Larry Genet and Tom O’Loughlin of CBRE represented the seller.
Plans for the Deerfield Beach site call for an outdoor storage facility, with a pair of warehouses that will be used by maintenance service providers and a pair of offices that can accommodate up to two tenants, the release says.
The site now is an asphalt plant and storage yard with 28,000 square feet of buildings constructed in the 1970s and 1980s, according to property records and the release.
Last year, Stockbridge and Industrial Outdoor formed a joint venture with a goal of making $100 million to $200 million in real estate purchases annually, according to media reports.
In October, Stockbridge and Industrial Outdoor paid $64 million for a 38.5-acre RV park at 3055 Burris Road in Davie, which can be redeveloped with up to 400,000 square feet of industrial space. The pair outbid other potential buyers, including Amazon and FedEx, the RV park’s seller told The Real Deal at the time.
Stockbridge, based in San Francisco, has $30.8 billion of assets under management across real estate types, including more than 10,000 multifamily units, according to its website. Terry Fancher and Sol Raso lead Stockbridge.
In California, Stockbridge ponied up $22.3 million for a site in the city of Gardena that is fully entitled for the development of a 265-unit apartment complex. Cityview was a partner on the deal.
Industrial Outdoor, based in Schaumburg, Illinois, focuses exclusively on outdoor storage, according to its website. The firm’s portfolio spans 2.2 million square feet of buildings and 960 acres of improved land in 18 markets. Thomas Barbera leads Industrial Outdoor.
Stockbridge and Industrial Outdoor aren’t the only ones betting on outdoor storage, as the industrial asset class has caught investors’ eyes. E-commerce growth and robust construction activity in South Florida have created an appetite for outdoor storage, brokers have told TRD.
In February, IG Logistics paid a combined $12 million for the outdoor facilities at 1377 Hammondville Road and 1750 Powerline Road in Pompano Beach.
CenterPoint Properties bought the truck storage site at 17707 Northwest Miami Court in Miami Gardens for $47.5 million in April.
