Butters and BlackRock Real Assets Acquire 22 Acres for New Industrial Park in Tamarac, FL
New York, January 7th, 2019 - Butters Construction & Development and a fund managed by BlackRock have partnered to acquire an approximately 22 acre site in Broward County, Florida for the construction of a new industrial park. The land is located at the southwest corner of N. Hiatus Road and W. McNab Road in Tamarac, Florida.
The development will consist of two rear-loaded bulk distribution buildings totaling approximately 355,000 square feet, and will accommodate tenants ranging from 5,000 to 100,000 square feet. Site work will begin in the second quarter of 2019, and the project is expected to be completed in the second to third quarter of 2020.
"The Tamarac investment fits with our strategy to target infill sites in supply constrained markets across the U.S. Industrial development represents an opportunity for our clients to achieve attractive risk-adjusted returns," said Ryan Smidt, Managing Director at BlackRock Real Assets. “Butters has been an invaluable partner in this process, and we look forward to developing this project with them.”
“We’ve gravitated towards larger and deeper buildings as of late to meet the changing tenant landscape,” says Adam Vaisman, Director of Acquisitions at Butters.
Malcolm Butters, President of Butters Construction and Development said, “We are extremely excited about developing Tamarac Exchange Center. The ability to acquire the last site near Commercial Boulevard and the Sawgrass Expressway is a tremendous opportunity, and we feel that it will lease quickly because of its unique location.”
Leasing will be handled by the Cushman & Wakefield Team of Chris Metzger and Richard Etner.