The property acquired by the tile and marble supplier contains a 54,000-sf warehouse area and 16,000 sf of renovated office space. It is located on five acres near Palmetto Expressway, the Florida Turnpike, Dolphin Expressway and Miami International Airport.
Wayne Schuchts, first VP, and Chris Galgano, associate in the local office of CB Richard Ellis, represented Isaco in the sale. "The property attracted significant investor and user interest. Low interest rates, rising land and construction costs, and strong regional demographics have contributed to an exceedingly robust industrial investment market in Miami-Dade," Schuchts says.
Industrial market conditions are tightening throughout the county and especially in the Airport West submarket, according to CBRE. Available sublease space dropped from a 2003 high of 12.8% to below 5%, and overall vacancy fell to single digits. Schuchts says his company's industrial team completed more than 110 transactions for an aggregate of more than 1.3 million sf and $140 million in value over the past 12 months.
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