Hilco Redevelopment Partners Completes The Purchase Of An 8.5-Acre Property In The Booming South Florida Industrial Development Market
May 24, 2021
CHICAGO, June 1, 2021 /PRNewswire/ — Hilco Redevelopment Partners (HRP), a unit of Hilco Global, announced today the purchase of an industrial development site located at 11002 Northwest S. River Drive in Medley, FL. The 8.5-acre property is part of a larger 25-acre Superfund site which has previously undergone corrective action. HRP has current plans to develop the site into a state-of-the-art warehouse/logistics facility to support the growing tenant demand across South Florida. The sale was brokered by Newmark executives Steve Medwin and Nick Wigoda, who will also handle leasing of the project.
Hilco Redevelopment Partners has been very active in the acquisition, redevelopment, and repurposing of underutilized and complex industrial properties across the country, transforming these properties and helping to stimulate economic growth and opportunities for all stakeholders. Roberto Perez, Chief Executive Officer of Hilco Redevelopment Partners said, “We’re excited to bring our significant expertise to the South Florida real estate market, and we plan to do a lot more work within the region. Every opportunity to transform sites like this one into new state of art properties that better serves the community is exciting for our firm.”
According to Newmark Research, the South Florida industrial market saw its most robust first-quarter performance in four years, recording over 1.5 million square feet of positive net absorption as strong demand held despite the pandemic. Approximately 1.3 million square feet of absorbed space came from the warehouse/distribution segment, while R&D/flex space saw over 154,000 square feet of positive net absorption. General industrial space saw demand outpace supply by 98,000 square feet during the first quarter of 2021.
About Hilco Redevelopment Partners (HRP): Hilco Redevelopment Partners (www.hilcoredev.com) is a vertically integrated real estate investment and development company focused on industrial, life science, and mixed-use properties across the United States. HRP is committed to sustainable redevelopment through best-in-class environmental practices, community engagement, and local economic development. HRP has dozens of real estate investments and development projects across the nation with headquarters in Chicago and regional offices in Philadelphia and Boston. Hilco Redevelopment Partners is a unit of Northbrook, Illinois based Hilco Global (www.hilcoglobal.com). Hilco Global operates more than twenty specialized business units offering services that include asset valuation and appraisal, tangible and intangible acquisition and disposition of assets, real estate advisory, strategic equity investments, and much more.