million feet of institutional-grade
warehouse and distribution space
to the region.
MIAMI-In one of the largest industrial land transactions in Miami-Dade County since the Great Recession began, Liberty Property Trust just snapped up 126 acres to develop Miami International Tradeport for about $20 million. The new development will add 1.6 million feet of institutional-grade warehouse and distribution space to the region.
Butters Construction & Development is overseeing construction of the new park. Christian Lee and Chris Riley led the transaction for CBRE, assisted by Charles Foschini, vice chairman of Debt & Equity Finance, Devin White, vice president of Industrial, David Albert, senior vice president of Industrial and financial analyst Jose Lobon.
“This acquisition marks our entrance into Miami-Dade County,” says Andy Petry, vice president and city manager for Liberty. “We feel there is a tremendous opportunity for well-designed and well-located industrial product in Miami-Dade County, and we are excited to begin development and to grow our footprint in South Florida.”
The land fronts Florida’s Turnpike, just south of Okeechobee Road and had been owned by cement and concrete firm Tarmac America. The industrial development is expected to add $135 million in value to the county’s tax base and create 4,000 new construction jobs and 2,000 full-time jobs when finished.
Lee, vice chairman of CBRE, says Liberty Property Trust was the best fit for the deal from among a number of well-capitalized institutional suitors: “Liberty not only had the confidence that the demand for the product will be there once completed, “ he explains, “but was also comfortable that Butters would be able to successfully navigate the zoning and permitting process associated with a project of this size.”
Liberty is currently moving through the entitlement process. Final zoning approval is expected in January, with construction on the first wave of buildings starting in late 2012. The project will come online in phases over the next five to seven years. Butters’ president Malcolm Butters and director of Acquisitions Adam Vaisman envisioned the highest-and-best use for the property.
“Miami is quickly becoming one of the top industrial gateway cities in the United States and is considered, along with Southern California, as one the