MIAMI-NP 82nd Ave Miami Industrial LLC has acquired a 150,000-sf industrial property at 2323 NW 82nd Ave. for $19.47 million. The property is located in the Airport West submarket of Miami and contains office and warehouse space. NP 82nd Ave Miami Industrial LLC is an entity associated and controlled by New York-based BlackRock, Inc.

"This sale is representative of the market's depth for core acquisitions that are well positioned," says Capital Commercial Group principal Ernesto Casal, who brokered the deal. "The capital markets remain actively interested in South Florida and are willing to pay a premium for buildings in excellent locations with great tenants."

The principals of Enbee Capital LLC, the seller, are associated with Stockton, CA-based AeroTurbine, Inc., an aftermarket commercial engine and parts company, which was sold to Netherlands-based AerCap Group in 2006. AeroTurbine will remain the building's sole tenant.

According to a CB Richard Ellis market report for Q3, Miami's industrial market is continuing to show the strength it has demonstrated over the past several years. Overall, the 222-million-sf market has a 4.8% vacancy rate with 445,849 sf of positive absorption year-to-date and average asking rents of $8.52 per sf. In the Miami Airport submarket, the vacancy rate is 5.7% with 581,665 sf of positive absorption year-to-date and average asking rental rates of $10.30 per sf.

"The fundamentals of the industrial market are still strong in South Florida, and Miami's diversity as a domestic and international hub provides for great appeal throughout the markets," Casal says.