Summit Real Estate Pays $60M for Miami-Area Warehouse
Former Bang Energy warehouse. Image courtesy of Cushman & Wakefield
Summit Real Estate Group’s Arrowrock US Industrial Fund IV has acquired Bang Energy’s former warehouse and distribution center in Pembroke Pines, Fla. Vital Pharmaceuticals sold the 224,650-square-foot asset for $59.7 million, with the assistance of Cushman & Wakefield. The purchase also includes 23.2 acres of land, 13 acres of which being zoned for development.
The sale closed just as Monster Beverage Corp. received approval to acquire Bang Energy in early July for $362 million, Forbes reported; the company had filed for Chapter 11 bankruptcy in October 2022.
Space for future development
Completed in 2018, the property previously traded in 2019 for $35 million, according to CommercialEdge data. After the acquisition, the Class A building doubled as a Bang Energy manufacturing facility and as a corporate accounting office for Vital.
Located at 20311 Sheridan St., the warehouse is close to State Route 27 and has access to Interstate 75. The property is 27 miles from Fort Lauderdale, Fla., and 34 miles northwest of Miami.
The facility was part of the 66-acre South Florida Distribution Center that Vital acquired from its developers, Core5 Industrial Partners and Helms Development, in three separate transactions. The campus included two completed buildings and the above-mentioned development site.
Under the new ownership, construction will commence on the 280,000-square-foot speculative building in the first quarter of 2024. Completion is expected in the last quarter of the same year.
The Cushman & Wakefield team representing the seller included Executive Vice Chairman Mike Davis, Executive Managing Director Dominic Montazemi, Vice Chairman Rick Brugge, Senior Director Rick Colon and Directors Greg Miller and Mike Ciadella. In addition, Vice Chairmen Rick Etner, Christopher Thomson and Chris Metzger, alongside Managing Director Matthew McAllister, will represent the buyer in leasing the existing building and the future development.
Miami had 26 industrial properties under construction and 32 in the planned and permitting stages as of July, set to add a total of 31.6 million square feet to the existing inventory, according to CommercialEdge information. The metro’s vacancy rate clocked in at 4.0 percent in June, 50 basis points below the national average, a recent report from the same data provider shows.
