Miami Industrial Complex Trades For $24 Million

Jun 11, 2013 No Comments by

CBRE arranged the sale of America’s Gateway, a 306,924-square-foot industrial complex in Doral, for $23,725,000.

CBRE’s Capital Markets Institutional Group represented the seller. CBRE has also been retained by the buyer to handle Property Leasing and Management.

“With an unmatched location such as this in Doral, at the nexus of Miami’s transportation, infrastructure and logistics systems, industrial product will always garner significant investor interest,” said Christian Lee, Vice Chairman with CBRE’s Capital Markets Institutional Group. “Tenant retention is high as is potential for substantial rent appreciation over the next ten years.”

Built between 1978-1982, America’s Gateway is located at the intersection of NW 25th St. and NW 87th Ave., only two miles from the cargo entrance of Miami International Airport.  The rear-load, multi-tenant distribution buildings are all concrete block construction with 20-foot clear heights and 140- to 205-foot depths, with 6% to 29% office finishes. The property was 73% leased to 15 tenants at the time of closing.

The Miami-based CBRE team representing the seller included Christian Lee, Vice Chairman with CBRE’s Capital Markets Institutional Group; Chris Riley, Vice Chairman with CBRE’s Atlanta Investment Properties Institutional Group; Brian Budnick, Senior Vice President with CBRE’s Atlanta Investment Properties Group; and José Antonio Lobón, an Associate with CBRE’s Capital Markets Institutional Group.

The sale comes on the heels of the purchase of Lakeview Industrial Park, a seven-building, 210,350-square-foot industrial complex at 2201 Stirling Road in Dania Beach.  The same team also represented the seller in that transaction.

 

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Industrial / Flex, Industry News, Miami-Dade County Industrial / Flex, NA
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