Lincoln Property Co. and Walton Street Capital have recently acquired a 226,392-square-foot distribution center located in Weston, Fla., for a total of $43.8 million. According to Commercial Edge, the buyer took on a $41.8 million loan and then increased it to approximately $79 million by utilizing an amended and restated note originated by Nuveen. This particular property had previously changed hands in 2018, when it was sold by Becknell Industrial for $30.4 million.
The seller of the distribution center was Manova Partners, and the transaction was facilitated by José Lobón, Trey Barry, and Frank Fallon, along with Royce Rose, George Fallon, Gabriel Braun, and Daniel Sarmiento from CBRE who represented Manova Partners.
Lincoln Property Co. will be responsible for managing the building, which was 54 percent leased at the time of the sale. Notable tenants of the distribution center include Mondelēz International and Vital Pharmaceuticals Inc.
This cross-dock industrial building, which was constructed in 1994, is situated at 1600 N. Park Drive.
1 Comment
HOV
March 3, 2025This investment in the Weston Warehouse is a smart move. With its prime location and potential for high yields, Lincoln and Walton Street are setting themselves up for success. I’m curious to know more about their strategy for maximizing profit in this venture.