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307,000-SF Industrial Portfolio Sold

MIAMI-A real estate investment firm has purchased the six-building portfolio here from CalEast Industrial Investors LLC. While the sale price was not disclosed, industry sources place a $16 million to $18 million value on the deal.

By Melissa Bogdany | Updated on October 29, 2003

MIAMI-In yet another large industrial sale in the metro area, CalEast Industrial Investors LLC has sold a six-building, 306,926-sf industrial portfolio near Miami International Airport to Realty Associates Advisors LLC. The terms of the deal were not disclosed. However, sources in the industry estimate the properties sold for the mid-$50s per sf, for a total of probably $16 million to $18 million.

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.

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