MIAMI-A 75,000-square-foot industrial building in Gratigny Central Industrial Park has sold for $3.6 million. American Tire Recycling Group bought the building, which is located at 3551 NW 116th Street.
Jones Lang LaSalle Vice President Nick Wigoda, Managing Director Steven Medwin, and Executive Vice President Harry Wardell represented the seller, Forty Seventh Avenue LLC. JLL also represented Forty Seventh Avenue when the company purchased the property in 2003.
“Even though the property was competing with several large vacant buildings for lease, we were able to achieve an above market sale price in a difficult market,” Wigoda tells GlobeSt.com. “This is 75,000 square feet of new and positive absorption for a market that has been lagging behind the Medley and Airport West submarkets.”
Given the recent lack of sales in the area, and high vacancy rates for older buildings in Miami, Wigoda says the seller was very pleased with the sale price. The buyer had to go through a four month long site-plan approval process and the all parties worked diligently to close the sale this year before the potential capital gains tax increase in 2011, Wigoda says.
The transaction marks the second warehouse disposition JLL has handled in Gratigny Industrial Park this year. In June, the team brokered the $2.8 million sale of the 40,000-square-foot Countywide building at 12050 NW 28th Avenue.
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