MIAMI—This qualifies as one of the most noteworthy office transactions so far this year in Miami. Ryder Systems just acquired a 238,420-square-foot office building in western Miami-Dade County for $42 million.

The sale price equals $176 per square foot, a competitive price compared to recent office buildings that have traded in Miami's Central Business District at more than $400 per square foot. The single-building sale is one of the largest to close in South Florida in several years. The local market has a limited supply of single-tenant office buildings over 200,000 square feet. The building will serve as Ryder's new corporate headquarters.

“Ryder has been based in Miami since its founding in 1933,” says JLL managing director Steve Medwin. “With this transaction, the company saw a tremendous opportunity to own its headquarters after having the building constructed for its use back in 2005.”