Exeter Property Group bought a Miami Gardens industrial building for $14 Million

Miami Gardens industrial building occupied by RC Home Showcase was bought by Exeter Property Group for $13.5 million.

According to broker Jonathan Salk the Vanguard Realty Advisors, “The Conshohocken, Pennsylvania-based commercial real estate investor, developer, and manager purchased the property at 16115 Northwest 52nd Avenue from K2 Aluminum in an off-market deal.” The seller is registered to Manuel Kronfle and Ana Maria Paez, who also is affiliated with RC Home Showcase, state corporate records show. RC Home Showcase is a distributor of aluminum windows and doors for residential and commercial real estate. Jonathan Salk said RC Home Showcase will continue to lease the building, but declined to disclose the lease terms. K2 Aluminum bought the 103,397 square-foot building in 2014 for $5.2 million.

Exeter Property Group, led by Edward Fitzgerald, is an investment manager, focusing on office, life science, multifamily, and logistics, and industrial real estate Since its inception in 2006, it has managed more than $10 billion in equity on behalf of global institutions, including pension funds, foundations, university endowments, and sovereign wealth funds.

The hot market has prompted an active investment sales and lending season. In December, Exeter Property scored a $74.9 million construction loan for the second phase of its Coral Springs Commerce Center. This month, TA Realty bought a Hialeah Gardens warehouse at 14001 Northwest 112th Avenue for $25.8 million, and Ivy Realty bought a Miami-Dade warehouse with cold storage at 6950 Northwest 77th Court for $26 million.

Leave a Comment

Your email address will not be published.