{"id":1004674108,"date":"2023-07-31T04:11:04","date_gmt":"2023-07-31T12:11:04","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004674108"},"modified":"2023-07-31T05:52:54","modified_gmt":"2023-07-31T13:52:54","slug":"summit-real-estate-pays-60m-for-miami-area-warehouse","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/summit-real-estate-pays-60m-for-miami-area-warehouse\/","title":{"rendered":"Summit Real Estate Pays $60M for Miami-Area Warehouse"},"content":{"rendered":"
\"Former<\/a>

Former Bang Energy warehouse. Image courtesy of Cushman & Wakefield<\/em><\/p><\/div>\n

Summit Real Estate Group<\/strong>\u2019s Arrowrock US Industrial Fund IV has acquired Bang Energy\u2019s former warehouse and distribution center in Pembroke Pines, Fla. Vital Pharmaceuticals<\/strong> sold the 224,650-square-foot asset for $59.7 million, with the assistance of Cushman & Wakefield<\/strong>. The purchase also includes 23.2 acres of land, 13 acres of which being already zoned for development.<\/p>\n

The sale closed just as Monster Beverage Corp. received approval to acquire Bang Energy in early July for $362 million, Forbes<\/em> reported; the company had filed for Chapter 11 bankruptcy in October 2022.<\/p>\n

Space for future development<\/h2>\n

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.<\/p>\n

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.<\/p>\n

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.<\/p>\n

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.<\/p>\n

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.<\/p>\n

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<\/a> from the same data provider shows.<\/p>\n","protected":false},"excerpt":{"rendered":"

Cushman & Wakefield assisted Vital Pharmaceuticals in the sale.<\/p>\n","protected":false},"author":2829,"featured_media":1004674109,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21748,21783,1492,21742,32781],"tags":[33787,32799,36161,35857,51968],"class_list":["post-1004674108","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industrial","category-investment","category-miami","category-latest","category-southeast","tag-core5-industrial","tag-cushman-wakefield","tag-dominic-montazemi","tag-greg-miller","tag-summit-real-estate-group"],"acf":[],"yoast_head":"\nSummit Real Estate Pays $60M for Miami-Area Warehouse - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Summit Real Estate Group paid $59.7 million for the 224,650-square-foot former Bang Energy warehouse in Pembroke Pines, Fla.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/summit-real-estate-pays-60m-for-miami-area-warehouse\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Summit Real Estate Pays $60M for Miami-Area Warehouse\" \/>\n<meta property=\"og:description\" content=\"Summit Real Estate Group paid $59.7 million for the 224,650-square-foot former Bang Energy warehouse in Pembroke Pines, Fla.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/summit-real-estate-pays-60m-for-miami-area-warehouse\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2023-07-31T12:11:04+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-07-31T13:52:54+00:00\" \/>\n<meta name=\"author\" content=\"Madalina Pojoga\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/07\/Former-Bang-Energy-warehouse.-Image-courtesy-of-Cushman-Wakefield-e1690794152347.jpg\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/summit-real-estate-pays-60m-for-miami-area-warehouse\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/summit-real-estate-pays-60m-for-miami-area-warehouse\/\",\"name\":\"Summit Real Estate Pays $60M for Miami-Area Warehouse - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/summit-real-estate-pays-60m-for-miami-area-warehouse\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/summit-real-estate-pays-60m-for-miami-area-warehouse\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/07\/Former-Bang-Energy-warehouse.-Image-courtesy-of-Cushman-Wakefield-e1690794152347.jpg\",\"datePublished\":\"2023-07-31T12:11:04+00:00\",\"dateModified\":\"2023-07-31T13:52:54+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/7ced0369df035c845a1e5d647c62dd7a\"},\"description\":\"Summit Real Estate Group paid $59.7 million for the 224,650-square-foot former Bang Energy warehouse in Pembroke Pines, Fla.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/summit-real-estate-pays-60m-for-miami-area-warehouse\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/summit-real-estate-pays-60m-for-miami-area-warehouse\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/summit-real-estate-pays-60m-for-miami-area-warehouse\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/07\/Former-Bang-Energy-warehouse.-Image-courtesy-of-Cushman-Wakefield-e1690794152347.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/07\/Former-Bang-Energy-warehouse.-Image-courtesy-of-Cushman-Wakefield-e1690794152347.jpg\",\"width\":1068,\"height\":801,\"caption\":\"Former Bang Energy warehouse. 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