MIAMI—Sunrise Distribution Center, a three-building class A industrial portfolio in Sawgrass International Corporate Park in Sunrise, FL has traded for $39 million. Denver-based Industrial Income Trust acquired the industrial asset from Irving, TX-based Cobalt Capital Partners.

Located at 900 International Parkway, 14599 NW 8th Street, and 13801 NW 4th Street, the industrial portfolio is 100% leased to five quality tenants. Cobalt purchased the buildings in August 2010 at 91% occupancy with one vacancy. Cobalt leased the vacant space and renewed two other tenants on a long-term basis during its ownership.

“This transaction is a good example of our value-add program in the light industrial sector,” says Lewis D. Friedland, Cobalt's managing partner. “Through leasing activity and capital improvements, our asset management and leasing teams worked together to add a significant amount of value to this asset for our investors.”

The three industrial buildings total 401,650 square feet and feature 24- to-26-foot clear heights. The location within the Sawgrass International Corporate Park is considered a prime location, given the access the nearby interchange of Interstate 75, Interstate 595, and the Sawgrass Expressway offers.

“The South Florida market for stable class A industrial product is extremely competitive for well-located assets such as this one,” says CBRE vice chairman Christian Lee of CBRE's Capital Markets Institutional Group in Miami. “In this case, the purchaser was also able to expand on an existing footprint in Sawgrass International Corporate Park, which includes another two buildings they purchased in 2011.”

Lee and Chris Riley, both vice chairmen within CBRE Investment Properties, represented the seller. Charles Foschini, vice chairman of Debt & Equity Finance, Tom O'Loughlin, vice president of Industrial Properties Brokerage, and Jose Lobon, an associate in the Capital Markets Institutional Group, assisted Lee and Riley.