The building at 10910 NW 92 Terrace has been open for the past two years but never occupied. The buyer offered all cash and a quick closing to acquire the asset at an attractive price.
"Current available industrial spaces, such as this property in particular, have seen sale prices and rental rates slashed," says Michael Silver, first vice president with CBRE's Miami office. "Despite current market conditions, this will be a high water mark price for this size building in this submarket."
Silver adds that the Miami-Dade industrial market has been set back by the ongoing global recession, with local vacancy reaching a five-year high at 9.5% at midyear. Asking lease rates have also declined to $7.69 per square foot, according to CBRE research.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
