Core5 Industrial Partners and Helms Development Acquires 60-Acres in South Florida to Develop 750,000 SF of Class A Office/Warehouse
Construction Slated to Begin in April on South Florida Distribution Center’s First Building, Spec Space Spanning 223,880 SF
ATLANTA, January 30, 2017 – Atlanta-based Core5 Industrial Partners and Florida-based Helms Development today announced the acquisition of a 60-acre land parcel from the City of Pembroke Pines located at 20421 Sheridan Street, Pembroke Pines, Florida. The site is one of the last remaining in Southwest Broward to offer build-to-suit options for larger users and offers a distinctive advantage with trailer parking – an option no other property in land-constrained Broward County can offer.
The joint venture plans to repurpose the property into a distribution park named South Florida Distribution Center, developing 750,000 square feet of Class A office/warehouse space across three buildings. Beginning in April 2017, construction will commence on the first phase of the project: the development of a speculative 223,008-square-foot Class A building.
“The property is sited perfectly to benefit tenants that want to service both the east and west coast of southern Florida. It is within 75 minutes of Naples/Ft. Myers and still less than an hour from 85 percent of the tri-county’s population,” states Scott Helms, Principal of Helms Development. “Suburb interstate access, coupled with the trailer parking advantage, offers an unheard-of advantage for e-commerce and office warehouse distribution companies needing to serve the population in South Florida as well as points north of the site.”
This acquisition marks Core5’s entry into Florida and will be the first development for the newly-formed Helms Development, of which Mr. Helms will handle development of the property on the site of the former State Women’s Prison. CBRE’s team of Larry Dinner, Larry Genet, and Tom O’Loughlin will handle leasing. Core5 CEO Tim Gunter announces, “We are pleased to enter South Florida with this property and to partner with Helms Development. We think it’s one of the finest properties in the market.”
Located less than one-half mile from State Route 27 and just under four miles to I-75, the site can service over 5 million people within a one hour’s drive time. Tom O’Loughlin, senior vice president with CBRE, adds, “As congestion continues to grow on the eastern side of the tri-county marketplace, tenants are starting to look west to take advantage of highway infrastructure and the ability to expand their operations. US 27 is becoming a more popular shipping corridor as tenant’s study how to get into central Florida quicker. South Florida Distribution Center is well positioned to take advantage of this trend.”
The city of Pembroke Pines purchased the property from the state of Florida in 2014. “We spent over two years annexing and entitling the property,” Pembroke Pines City Manager Charles F. Dodge added. “We look forward to the business opportunities the South Florida Distribution Center brings to the community.”
About Core5 Industrial Partners
Core5 Industrial Partners is an industrial real estate property company with expertise in development and acquisition of inventory and build-to-suit facilities of Class A industrial properties. Headquartered in Atlanta, Georgia, Core5, named for its five core business principles, was capitalized in 2015 by Kajima USA Group, whose $2 billion industrial holdings were sold in 2013. With current activity in Atlanta, Chicago, Florida and Dallas, Core5 expansion plans include the key logistic hubs throughout the US. For more information on Core5 Industrial Partners, visit www.c5ip.com.
About Helms Development
Helms Development was founded in 2016 by Scott Helms to service industrial real estate clients in south Florida and the remainder of the state. Mr. Helms has a 27-year history in the industrial real estate, having established a Florida presence for IDI (now IDIG) in 1999 and most recently serving as Senior Vice President and Regional Managing Director where he oversaw all development and leasing activities. During his tenure leading the Florida portfolio, Mr. Helms developed over 6 million square feet throughout Florida, including over 5 million square feet in Broward County. For more information about Helms Development, contact Mr. Helms at firstname.lastname@example.org.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.