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Hersh Equity Group (HEG), a family-owned real estate investment firm and one of the most active small-bay industrial buyers in Florida, has acquired an eight-building, 118,500-square-foot portfolio spanning Miami and Port St. Lucie for $16.85 million ($142 per square foot). The deal comes just weeks after the $47.25 million purchase of a 230,000-square-foot small bay portfolio in the West Park/Hollywood submarket. The acquisitions, which together total more than $64 million, continue the firm’s statewide expansion strategy, boosting its industrial holdings to more than 900,000 square feet and more than $150 million in assets under management.
The portfolio includes approximately 70 units and 50 tenants across CBS-constructed buildings dating to the 1980s, with average bay sizes ranging from 750 to 3,000 square feet and clear heights between 12 and 18 feet. Two of the eight buildings are at 3904 and 3908 NW 32nd Ave. in Miami, with six of the buildings located along SE Huffman Road and SE Village Green Drive in Port St. Lucie. The properties sit on strategically positioned land near key transit corridors – near Miami International Airport in Miami and U.S. 1 in Port St. Lucie.
“This acquisition reflects our disciplined approach to value-add industrial investing,” said Juda Hersh, President and Co-Managing Partner of Hersh Equity Group. “We acquired this portfolio well below replacement cost, and we see significant upside in leasing and operational improvements. Adding this portfolio increases HEG’s assets to more than 900,000 square feet valued at more than $150 million, further cementing the company’s standing as one of the most active owner/operators in the state.”
The portfolio was sourced directly from the owner, who asked not to be identified, in an off-market deal. Financing was provided by BEB Capital. “This marks the fourth time BEB Capital has provided financing to HEG to purchase a significant real estate portfolio,” said Sean Silverbrook, Principal at BEB Capital. “It has been a privilege to grow alongside them. BEB recently launched its latest credit fund, through which we are actively lending to value-add, growth-oriented sponsors like HEG.”
“This deal is a perfect example of how our vertically integrated platform creates value,” said Corey Schwartz, Co-Managing Partner at HEG. “We’re implementing over $1 million in upgrades and launching online marketing for the first time in the properties’ history. We aim to bring the current tenancy and new leases to current market rates.”
Adam Weiss of Weiss Law served as HEG’s transactional attorney, ensuring a smooth process through closing. The properties are currently 90% occupied with short-term leases and rents that lag the market by 60%–80%. HEG acquired 20% of the portfolio in Miami at a 30%+ discount and secured 12,000 square feet of condo warehouse product at 30%–50% below comparable sellout pricing.
The acquisition reflects both the strength of Florida’s secondary industrial markets and HEG’s confidence in tenant demand driven by migration trends and small business growth. Port St. Lucie is one of the fastest-growing markets in the U.S., offering attractive fundamentals for service-based tenants priced out of South Florida’s core urban areas.
HEG has an additional 130,000 square feet under contract across Florida and Atlanta.
For more information, please visit https://hershequity.com or email
acquisitions@hershequity.com.
About Hersh Equity Group:
Hersh Equity Group (HEG) is a Boynton Beach-based, family-owned and operated real estate investment firm focused on value-add commercial real estate, with a primary focus on multi-tenant industrial properties in Florida’s primary markets. HEG leverages a fully integrated platform to manage and lease its properties while executing all construction in-house, ensuring quality, efficiency, and control at every stage. For more information, please visit https://hershequity.com.
