HFZ Capital JV acquires largest distribution center in Florida
HFZ Capital Group and Reich have acquired the largest distribution center in Florida, a 1.94 million-square-foot state-of-the-art facility that previously belonged to Transformco, the parent company of Sears stores located throughout the United States.
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, Fla., off of I-75, which in recent years has emerged as one of the nation’s premier distribution markets.
