Miami International Logistics Center Trades In $27 Million Deal

Jun 18, 2017 No Comments by

Miami International Logistics Center, a ±506,000-square-foot warehouse and distribution facility and prime infill redevelopment opportunity in Hialeah, has been sold for $27.38 million.

Cushman & Wakefield Executive Managing Director Mike Davis, Executive Director Rick Brugge and Executive Director Michael Lerner, in conjunction with the South Florida Industrial Brokerage Team of Executive Director Wayne Ramoski and Director Gian Rodriguez and the Florida Multifamily Brokerage Team of Vice Chairman Robert Given and Senior Managing Director Troy Ballard, represented Keating Resources in the disposition.

Dallas-based Lincoln Property Company acquired the asset.

Miami International Logistics Center is a 506,300-square-foot distribution and warehouse facility developed in 1960 on a ±20.6-acre site at 725 Southeast 9th Court. The building was 88 percent leased at the time of sale.

The site is ideally located in the heart of Central Miami, one-half mile northeast of Miami International Airport and a short drive from PortMiami. This location provides exceptional access to regional land trade routes via Interstate 95, Interstate 75, Florida’s Turnpike, Airport Expressway, Dolphin Expressway, Palmetto Expressway and Ronald Reagan Turnpike.

 

“The site is well positioned for the execution of a near-term redevelopment or mid-term hold due to the in-place cash flow,” said Davis.

 

“Redevelopment has strong support from the local government and has received multiple approvals, designations and offers for incentives related to future redevelopment and job creation,” added Ramoski.

 

“The sale of Miami International Logistics Center reflects the incredible growing interest in Hialeah,” said Given. “I think this submarket will be one of Miami’s high-growth markets.”

 

 

————————-

Get the latest industry news and information from CRE-sources delivered right to your email inbox!
And we promise…no more than one email each morning.

CLICK HERE TO SUBSCRIBE TODAY!

 

Go Ahead...Share!
  • email
  • Print
  • LinkedIn
  • Twitter
  • Facebook
  • Google Bookmarks
  • RSS
  • Add to favorites
Industrial / Flex, Industry News, Miami-Dade County Industrial / Flex, NA
No Responses to “Miami International Logistics Center Trades In $27 Million Deal”

Leave a Reply