Miami Industrial Land Sale Garners Premium Pricing In Red Hot Market
Rodney Langer, on behalf of the seller Langer Holdings Corp., announced the successful closing of a 9.76 acre parcel in the Medley/NW Miami-Dade industrial submarket.
At $5.325 million, or $12.50 psf, the price represents a premium compared to other recent land sales, according to a press release.
The buyer, an affiliate of Chicago-based Ridge Development, is planning 175,000 square feet of spec industrial warehousing on the site that will feature an above average parking component. Walter Byrd and John Vaught of Transwestern represented Ridge in the transaction.
“In an area characterized by strong absorption, moderate development and 5% vacancy rates, Ridge felt like this site was a good bet,” said Langer. “The planned generous parking component, coupled with major ongoing road improvements for linking this site directly to Doral and US 27, ensure the ultimate success of Ridge’s investment,” added Langer.
————————-
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. Just follow the instructions below.
-------------------------
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!
