Four of the single-story, class B industrial buildings are part of Americas' Gateway Park, while the remaining two are part of Expressway Industrial Park. A spokesman for LaSalle Investment Management said he could not disclose names of tenants in the buildings, which were built between 1978 and 1982.
"We've had a very positive experience in Miami and intend to pursue additional investment opportunities in South Florida," Dann Thomasson, senior vice president of LaSalle Investment Management Inc. and chief investment officer of CalEast Industrial Investors, says in a statement.
CalEast Industrial Investors is a joint venture between LaSalle Investment Management and CalPERS. CalEast owns and manages 33 million sf of industrial real estate in the eastern US. Laurence C. Harris, vice president of LaSalle Investment Management, is the asset manager for the buildings. LaSalle Investment Management is a member of the publicly traded Jones Lang LaSalle group and a global real estate investment manager, managing $20.5 billion in assets.
Trammell Crow Co. managed and leased the six properties for CalEast. Christopher E. Riley, a principal, and J. Scott O'Donnell, a senior associate, both with Trammell Crow Co., represented CalEast Industrial Investors in the sale. The buyer represented itself.
"CalEast wanted to take advantage of the extremely aggressive demand for well-located industrial assets spurred by the low interest rate environment. Investors realize that the limitations on future industrial development in the Airport West submarket should cause rents to spike as demand improves, as is anticipated over the next several years," explains O'Donnell.
Industrial sales in Miami-Dade County have been hot in recent months, due in part to low interest rates, brokers say. In addition, "Miami continues to be a preferred location for institutional investors looking to acquire industrial property due to its relatively strong performance in a weak economy and its reputation as an international hub," states a Cushman & Wakefield third-quarter industrial report for the county. The report continues by stating that four major industrial portfolios in the city were expected to change hands shortly.
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