Industrial Outdoor Ventures, based in Illinois, and San Francisco real estate investment firm Stockbridge Real Estate paid $64 million for a 38.5-acre industrial development property situated in Davie, Florida, a report said.
The property is at 3055 Burris Road on the border of Florida’s Turnpike and U.S. 441, right in the middle of Broward County. The site is now an RV park and camping site named Twin Lakes Travel Park.
“This site is a unique e-commerce development opportunity in a market with very limited supply,” Eric Johnson, Industrial Outdoor Ventures’ vice president of development and acquisitions, said in a statement.
The site is able to accommodate tenants who want more than 400,000 square feet of space to house distribution, e-commerce, corporate headquarters, or a manufacturing facility with large parking needs, according to CBRE who was the broker for the deal.
Although Industrial Outdoor Ventures has already changed its name to Davie Industrial Center, it is yet to announce a timeline for construction as per the CBRE spokesperson.
Industrial Outdoor Ventures is fast-growing as their value in industrial equipment has skyrocketed in the wake of the pandemic as people have been flocking to online stores. The company plans to buy $250 million of assets in the next 12-24 months, and has the goal of accumulating over $1 billion in product type, according to the website of the company.