HFZ Capital Group And Reich Acquires The Largest Distribution Center In Florida Continuing Efforts To Expand Its Industrial Real Estate Portfolio Across North America
Approximately 1.9 Million Square Foot Facility to be Leased Back to Sears and Innovel Logistics to Serve as Its Primary Southeast Distribution Hub.
Dec 11, 2019, 13:56 ET
NEW YORK, Dec. 11, 2019 /PRNewswire/ -- HFZ Capital Group and Reich have acquired the largest distribution center in Florida, a 1,937,892 square foot state-of-the-art facility that previously belonged to Transformco, the parent company of Sears stores located throughout the United States. HFZ Capital Group is a leading Manhattan-based developer and investment firm and Reich Brothers is a New York based real estate firm with more than 25 years of experience purchasing, retrofitting, and managing Industrial real estate. The acquisition is a major addition to HFZ-Reich's national portfolio of industrial properties.
The HFZ-Reich portfolio consists of multiple properties – including manufacturing, warehouse, distribution and flex office space - located throughout the United States. Launched less than a year ago, the portfolio includes two significant campuses in Wisconsin: the former Heinz Kraft-owned Oscar Mayer plant, located in the heart of Madison, and the former Caterpillar Global Mining campus in Milwaukee. HFZ-Reich also has sizeable industrial acquisitions in Nashville, Buffalo, and Columbus. A number of the properties include additional land and development rights. As part of HFZ-Reich, HFZ Capital Group will bring its expertise in ground up and restorative development to help develop mixed-use real estate opportunities. This includes the development of retail, multi-family, hotel and office properties.
"Our acquisition of the Transformco-Innovel Distribution Center marks a major milestone for HFZ-Reich, expanding our portfolio to encompass 10 million square feet of industrial properties throughout the United States. We are excited to be entering the Ocala industrial market as it provides a major opportunity to be at the center of one of the country's largest distribution centers," said Ziel Feldman, Chairman and Founder of HFZ Capital Group.
HFZ-Reich will lease the Ocala facility to Transformco to serve as the flagship location for its Southeast distribution operations serving its Sears stores with a core focus on its appliance and lawn and garden divisions. The facility, the largest distribution center in Florida and one of the largest in the United States, is known as the Transformco-Innovel Distribution Center. It is located in Ocala, Florida off of I-75, which in recent years has emerged as one of the nation's premier distribution markets.
"HFZ-Reich is committed to purchasing properties that provide untapped potential and we see tremendous growth opportunities with this latest acquisition. We are bullish on Ocala's future as a major distribution market and feel the Transformco-Innovel Distribution Center will be a premiere example of the potential that can be realized here," said Jonathan Reich, Co-CEO of Reich Brothers.
HFZ Capital Group currently has approximately 20 million square feet under ownership and development, across multiple markets and asset classes including residential, hotel, office, and retail, with total project values in excess of $10 billion. The firm is responsible for a wide array of some of the most exciting new, design forward, real estate development coming to market. HFZ has a team of more than 100 professionals spread across teams focusing on acquisitions, construction and development, sales and marketing, property management, and accounting, providing for full vertical integration. The partnership with Reich Brothers is HFZ Capital Group's first investment in the industrial real estate space.
ABOUT HFZ CAPITAL GROUP
HFZ Capital Group is a Manhattan-based real estate investment and development firm with expertise in a broad range of real estate disciplines including underwriting analytics, structured finance, investment, development, construction and asset management. HFZ capitalizes on development and investment opportunities both in the U.S. and abroad and has acquired, owned, developed and operated properties across many asset classes, including residential, office, hotel, retail, sports and entertainment. Today HFZ is managing and developing real estate with a total value in excess of $10 billion, spanning approximately 20 million square feet including nearly 2,000 new residential units being brought to market. The company has a stellar reputation for restoring and preserving historic buildings as well as building ground up developments in collaboration with renowned architects and designers, such as Bjarke Ingels, David Chipperfield, Isay Weinfeld and Thomas Juul-Hansen. HFZ Capital Group's recent projects include The XI a mixed-use residential and commercial development realized through an extraordinary collaboration between the world's most visionary minds, including Bjarke Ingels Group, Gabellini Sheppard Associates, Gilles & Boissier, Enzo Enea, and Six Senses. For more information on HFZ Capital Group, please visit: http://www.hfzcap.com
ABOUT REICH BROTHERS
Reich Brothers, led by Co-CEOs Jonathan Reich and Adam Reich is a leading acquirer of dormant, intact manufacturing facilities inclusive of machinery and equipment. The Company has been on the forefront of bringing value to underutilized industrial facilities throughout the United States. Reich Brothers' multiple disciplines work in tandem, including equipment disposition, demolition, environmental remediation, and real estate management. The Company is headquartered in White Plains, NY and Los Angeles with four satellite offices across the United States. For more information, please visit: https://reichbros.com
Contacts
HFZ Capital Group
Philip Ramirez
[email protected]
SOURCE HFZ Capital Group
