The property is positioned on approximately 10 acres and has direct frontage and access to Interstate 95 via Andrews Avenue. Built in 1986 and renovated in 2000, the rail-served facility has dock high and drive-in loading capabilities. The acquisition price was not disclosed, but sources put the price at between $10 million and $11 million.

"This acquisition is a continuation of our strategy to acquire functional, well-located properties in high barrier-to-entry markets," says KTR senior vice president PJ Charlton, in a prepared statement. "The property is fully leased on a long-term basis to a tenant that has a substantial investment in the space and overall we like the dynamics of the acquisition given the tenant demand in the submarket and the true scarcity of remaining developable land sites along the Interstate 95 corridor in South Florida."

This is KTR's second sales-leaseback transaction completed in the past few weeks. In December, the company acquired a 105,000-sf distribution facility at 7450 Byron Dr. in Riviera Beach in a sales-leaseback transaction with flooring products distributor Suncrest Supply Inc. That transaction closed at an estimated $11 to $12 million.