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.
Butters Media Contact: Selene Bermeo – SBermeo@Butters.com
BlackRock Media Contact: Curtis Chou-646-231-1031 Curtis.Chou@blackrock.com
BlackRock helps investors build better financial futures. As a fiduciary to our clients, we provide the investment and technology solutions they need when planning for their most important goals. As of September 30, 2018, the firm managed approximately $6.44 trillion in assets on behalf of investors worldwide. For additional information on BlackRock, please visit www.blackrock.com | Twitter: @blackrock | Blog: www.blackrockblog.com | LinkedIn: www.linkedin.com/company/blackrock.
About BlackRock Real Assets
In today’s dynamic and complex global investing market, we help our clients access real assets that could help meet their investment goals by providing a distinct range of well defined, outcome orientated strategies, along the investment risk – return spectrum. Our dedicated teams of industry and sector specialists deliver global reach, with deep local expertise. They have decades of relevant experience, are deeply embedded in their operating industries by sector and geography, and have developed strong partnership networks over time. BlackRock’s culture of risk management, knowledge sharing and investment discipline sets us apart and underpins all that we do. With over 380+ professionals in 27 offices managing over US$47bn in client commitments as of 30 September 2018, BlackRock Real Assets partners with clients to provide solutions tailored to individual portfolio needs such as income, growth, liquid or balanced real assets outcomes
Butters is one of Florida’s leading commercial developers. Over the past 25 years Butters has built over 15 million square feet in the South Florida Market. Butters is a vertically integrated firm providing development, leasing, construction, property management, and acquisition services for private and institutional clients.