Northwood Investors is making its entry into South Florida’s thriving industrial sector with the acquisition of a Doral warehouse for $46.5 million.
The Denver-based real estate investment firm purchased a 201,827-square-foot facility located at 10000 Northwest 15th Terrace, according to records and the real estate database Vizzda.
The purchase price translates to $230 per square foot.
The deal was facilitated by a JLL team led by Britton Burdette and Trent Agnew, as part of a broader $160 million portfolio purchase that includes two distribution centers in Texas and Georgia, which are leased to Home Depot and furniture retailer Havertys, respectively.
The Doral warehouse serves as the headquarters for its primary tenant, Monat Global, a company specializing in hair and skincare products.
The seller, an affiliate of USB Realty Investors based in Hartford, Connecticut, acquired the 12-acre Doral site for $26 million in 2012.
The warehouse was constructed in 2000.
Led by CEO John Kukral, Northwood has traditionally focused on hospitality real estate in Florida, owning properties such as Cheeca Lodge & Spa in Islamorada, Tranquility Bay Beachfront Resort in Marathon, Parrot Key Hotel & Resort, The Marker Hotel in Key West, and the Naples Grande Resort in Naples, as highlighted on Northwood’s website.