Butters Construction & Development has partnered with a fund managed by BlackRock Real Assets to acquire a vacant 103,000 square foot office building at 5601 Hiatus Road, Tamarac, Florida.
The partnership plans to develop a 200,000 square foot industrial building on the 12.5-acre site. The development will consist of a rear-loaded bulk distribution center with 32-foot clear heights and will accommodate tenants ranging in size from 20,000 to 200,000 square feet. The site has frontage along Commercial Boulevard and is just east of the Sawgrass Expressway interchange, offering tenants visibility and access to major distribution thoroughfares.
“This is the future of South Florida industrial – finding underused assets and repurposing them into modern industrial facilities,” said Malcolm Butters, President of Butters Constructions & Development. “We have done this with a golf course before, and now with the increased demand for industrial, we are able to do this with office buildings with excess land.” “This investment fits our strategy focusing on infill industrial investments in high[1]growth, supply constrained markets across the U.S. Development represents an opportunity for our clients to achieve attractive risk-adjusted returns in the targeted industrial sector,” said John Lamb, Managing Director at BlackRock Real Assets.
“Butters has been a terrific partner, and we look forward to successfully developing this project with them.” Leasing will be handled by the Cushman & Wakefield Team of Chris Metzger and Richard Etner.
