AMB Property plans to sublease the building, Rafael Villamizar, a broker with Grubb & Ellis who was involved in the sale, tells GlobeSt.com. The deal is part of AMB's newly established fund for investing and re-leasing in class C-type properties, Villamizar says.
"They like the logistics of this location [and] the flexibility of the building," says Villamizar, who, along with Grubb & Ellis' Eric Person, represented J.J. Taylor Distributing in the transaction.
Located on six acres at 3505 NW 107th St., the former J.J. Taylor distribution building has adequate land for truck-turning radius and a large area for parking--something that is desirable for industrial facilities, he says.
"The building is excellent for manufacturing and good for distribution," Villamizar says, adding it helps that the building is located in the Opa Locka submarket of Miami-Dade County. "Opa Locka has been a stronger market than the Medley [and] Airport West areas."
Villamizar says AMB Property has signed no tenants yet but currently is leasing the building. It is located in the Gratigny Industrial Park, a nearly 7 million-sf park that is approximately 93% leased with about 400,000 sf sublease and direct space available.
Brian Smith of Alliance Commercial represented AMB Property in the sale. AMB Property is a publicly traded real estate investment trust and a leading national owner and operator of industrial real estate. The company invests in industrial properties mainly in infill submarkets of major hub and gateway distribution markets.
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