Greystar completes first sale of Logistics development
Miami, FL – October 22, 2024 – Greystar, a global leader in the investment, development and management of real estate, including rental housing, logistics, and life sciences, is pleased to announce the successful sale of Miami Midway, a Class A, 505,518-square-foot, four-building industrial park located in Miami-Dade County.
The sale of Miami Midway marks Greystar's first logistics disposition, a milestone made possible through a strong partnership with Whitman-Peterson and Greystar's co-general partner, Butters Development & Construction. CBRE National Partners represented Greystar in the transaction.
"Miami Midway is a great representation of Greystar’s logistics thesis, which is to develop and acquire shallow bay industrial properties, targeting high-barrier-to-entry locations, with a focus on local industrial development, leasing, and asset management expertise," said Lewis Stoneburner, Senior Managing Director for Development at Greystar.
Miami Midway sits on approximately 23 acres near the Broward-Dade County line, with prime access to I-75, the Florida Turnpike, and the Palmetto Expressway (SR-826). Miami Midway was 76% leased to a diverse group of six local and national tenants at the time of the sale. State Street and Butters provided landlord leasing representation to the partnership. The development was delivered with best-in-class specifications, including tilt-up construction, rear-loading configuration, 32-foot clear heights, and LED lighting.
Herbie Klotz, Greystar's Logistics business leader in Florida said, "We continue to have high conviction in the logistics sector throughout Florida, which remains a key market for Greystar. Today, we have a dedicated team on the ground, with 1.5 million square feet of industrial space delivered, under construction, or in pre-development across the state."
About Greystar
Greystar is a leading, fully integrated global real estate company offering expertise in property management, investment management, development, and construction services in institutional-quality rental housing, logistics, and life sciences sectors. Headquartered in Charleston, South Carolina, Greystar manages and operates more than $320 billion of real estate in approximately 250 markets globally with offices throughout North America, Europe, South America, and the Asia-Pacific region. Greystar is the largest operator of apartments in the United States, manages nearly 997,000 units/beds globally, and has a robust institutional investment management platform comprised of over $78 billion of assets under management, including $36 billion of development assets. Greystar was founded by Bob Faith in 1993 to become a provider of world-class service in the rental residential real estate business.
Media Inquiries
Garrett Derderian
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About Butters Construction and Development
Butters is a vertically integrated real estate service company engaged in construction, development, leasing and property management. The company has developed over 25 Million square feet of commercial projects with a value in excess of $1.7 Billion. Assets owned include industrial, office, retail and hotels, located throughout Florida. Butters is a seven-time (7x) winner of the NAIOP South Florida Chapter ‘Developer of the Year’ award and a top General Contractor in the region. www.butters.com