Florida's industrial market will get a little more competitive with a new player. BBX Capital Real Estate has launched a new division, BBX Industrial, it announced Tuesday.
The firm will focus on identifying infill speculative and industrial build-to-suit opportunities in Florida and in other key logistics markets as opportunities arise.
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The average national industrial sale price is $106 per SF, nearly double the average from 2014, according to September's National Industrial Report from CommercialEdge. CommercialEdge recorded $36.6B of industrial sales so far in 2021, $6.6B in August alone.
Properties in port markets are in especially high demand right now because ports are busier than ever and breaking records. Miami's average rent for industrial product was $8.69 per SF, trailing only California and Seattle.
BBX Capital Inc. is a Florida-based diversified holding company that's traded over the counter. Its holdings include BBX Capital Real Estate, which invests in joint ventures, including multifamily, single-family housing communities and commercial properties. BBX Capital Real Estate has an approximate 50% ownership interest in multifamily developer The Altman Cos.
BBX Industrial will be led by Mark Levy as president. According to Tuesday's announcement, he has more than 28 years of experience and over the course of his career has been involved in the development, acquisition and asset management of more than $1B of industrial real estate in key markets.
He was most recently executive vice president of industrial acquisitions for Hilco Redevelopment Partners, leading a nationwide expansion. Prior to that, he had roles with Opus South Corp., Duke Realty, Prologis and JLL.
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