AMB Property Buys 112,000-SF Industrial Building

MIAMI-AMB Property LP has purchased an 112,000-sf industrial building here from J.J. Taylor Distributing of West Palm Beach, FL. J.J. Taylor, a beverage distributor, formerly occupied it but has since vacated. The sale price was $3.8 million, or $34 per sf.

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.