A 12-building industrial park has sold for $241 million according to various news reports as industrial property remains in high demand in South Florida.
According to a report from CBRE, a warehouse near a busy airport in a land-constrained market commands higher rents than their market average. In Miami, warehouses by the airport see a 24.6% premium over the average metro-area rent.
CBRE arranged the sale of the 1,060,740 square-foot industrial park in Miami's Medley submarket.
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The property was bought by Boston-based TA Realty from a global investment advisor.
José Lobón, Trey Barry, Frank Fallon, and Royce Rose of CBRE Capital Markets along with Devin White of CBRE Industrial & Logistics represented the seller in the transaction.
The industrial park is fully occupied by 46 tenants from various industries including home design and improvement, food distributors, airlines and aviation, and third-party logistics operators. The industrial park is located off Okeechobee Road which allows tenants to access Palmetto Expressway, Interstate 75, and the Florida Turnpike. The property is also near Miami International Airport.
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Melea VanOstrand
Melea VanOstrand oversees the Daily Business Review as ALM's Florida Bureau Chief. Email Melea at [email protected] or follow her on her Twitter or Facebook pages.
