Stockbridge Capital Group and Industrial Outdoor Ventures dropped $59 million for an industrial development site in Deerfield Beach.
The couple purchased the 22.7-acre property at 2501 Wiles Road from a subsidiary of West Palm Beach-based construction company Vecellio Group, according to records and a statement from the seller’s broker.
Larry Genet and Tom O’Loughlin of CBRE represented the seller.
Plans for the Deerfield Beach site include an outdoor storage facility, with a pair of warehouses that will be used by maintenance service providers and a pair of offices that can house up to two tenants, the statement said.
The site is now an asphalt plant and storage yard with 28,000 square feet of buildings built in the 1970s and 1980s, according to property records and the release.
Last year, Stockbridge and Industrial Outdoor formed a joint venture with the aim of making real estate purchases of $100 million to $200 million a year, according to media reports.
In October, Stockbridge and Industrial Outdoor paid $64 million for a 38.5-acre RV park at 3055 Burris Road in Davie that can be redeveloped with up to 400,000 square feet of industrial space. The pair outbid other potential buyers, including Amazon and FedEx, the RV park seller told The Real Deal at the time.
San Francisco-based Stockbridge has $30.8 billion in assets under management across all types of real estate, including more than 10,000 multi-family units, according to its website. Terry Fancher and Sol Raso run Stockbridge.
In California, Stockbridge paid $22.3 million for a site in the town of Gardena that is fully entitled to develop a 265-unit apartment complex. Cityview was a partner in the deal.
Industrial Outdoor, based in Schaumburg, Illinois, focuses exclusively on outdoor storage, according to its website. The company’s portfolio spans 2.2 million square feet of buildings and 960 acres of improved land in 18 markets. Thomas Barbera runs Industrial Outdoor.
Stockbridge and Industrial Outdoor aren’t the only ones betting on outdoor storage, as the industrial asset class has caught the eye of investors. Growth in e-commerce and robust construction activity in South Florida have created an appetite for outdoor storage, brokers said TRD.
In February, IG Logistics paid $12 million for outdoor facilities at 1377 Hammondville Road and 1750 Powerline Road in Pompano Beach.
CenterPoint Properties purchased the truck storage site at 17707 Northwest Miami Court in Miami Gardens for $47.5 million in April.