Cushman & Wakefield executive director Wayne Ramoski, managing principal Gian Rodriguez and senior associate Skylar Stein in Miami. Courtesy photos
A real estate company capitalized on South Florida's intense industrial market by selling a warehouse for $14 million, up $4 million from what it paid four years ago.
Terreno Realty Corp., a San Francisco-based publicly traded industrial real estate company, sold the 106,769-square-foot property in Doral to Amcar-Lamprecht Transport Inc., a Doral-based freight forwarding company.
Cushman & Wakefield executive director Wayne Ramoski, managing principal Gian Rodriguez and senior associate Skylar Stein in Miami closed the deal Aug. 26 on behalf of Terreno.
The warehouse at 10100 NW 25th St. was built in 1974 on 5 acres northwest of the Palmetto and Dolphin expressways.
The building has 22-foot height clearances, 14,000 square feet of offices, 29 loading positions and secure exterior storage. It was vacant when sold. The sale price breaks down to $131 per square foot.
It's unclear how buyer Amcar-Lamprecht will use the building. The company provides logistics and shipping services to Latin America and the Caribbean. In 2016, logistics companies AmCar Freight Inc. and American Lamprecht Transport USA merged to form Amcar-Lamprecht, which also has a facility 2.5 miles west of the warehouse that just sold.
The deal highlights the healthy industrial market, perhaps the region's strongest. There is a strong appetite for industrial space, but the supply can't keep up with limited land suitable for warehouses and factories.
The supply-demand imbalance pushes up rents and feeds the appetite of institutional investors.
In the biggest industrial deal so far this year in Florida, DWS Investment Management Americas Inc. subsidiary RREEF America bought Centergate at Gratigny in Hialeah for $178 million.
Terreno originally planned to renovate the warehouse and lease it, but its plan changed with the market.
"The market's limited industrial sale supply provided Terreno with an opportunity to capitalize on their investment and make a healthy return today," Rodriguez said in an emailed release.
Related stories:
Continue Reading for Free
Register and gain access to:
- 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
© 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.
Lidia Dinkova
Lidia Dinkova covers South Florida real estate for the Daily Business Review. Contact her at [email protected] or 305-347-6665. On Twitter @LidiaDinkova.
