MIAMI—Aventura Business Park has traded hands. The 203,567-square foot industrial warehouse park attracted a buyer willing to pay $17.3 million, or about $85 per square foot.
Douglas K. Mandel, a vice president of investments in Marcus & Millichap‘s Fort Lauderdale office, represented both the seller and the buyer. Bristol Group, a real estate investment and development firm based in San Francisco, bought the firm.
“A best-of-class asset in a land-constrained market with high barriers to entry, the property offers exceptional upside potential, particularly considering its low cost of ownership,” says Mandel. Completed in 1989, the property offers three buildings in a secure office park setting located just off Interstate 95 and Ives Dairy Road.
The last significant industrial trade in Aventura was last July. Aventura Industrial Center sold for $18.7 million. Stockbridge acquired the two-building industrial property from Principal Real Estate Advisors. Although Doral and Medley are prime industrial locations, these two deals prove that industrial investors have an appetite for strategic assets with stable tenants.
“The Panama Canal widening will be a benefit to Miami industrial markets until more ports on the East Coast are dredged we have to believe that Miami will get a bigger market share of the ships that come in,” Christian Lee, a vice chairman with CBRE, tells GlobeSt.com. “That can only help our economy and our industrial market.”
Just before year’s end, Aventura saw a rare office trade. Concorde Centre II, a 10-story, 106,500-square foot office building was the only major office asset in 2012. The last major office sale in Aventura was One Turnberry Place that sold in 2011 for $53 million or $389 per square foot.