MIAMI—In a deal that signals the high watermark for warehouse distribution space in Miami, International Corporate Park traded for $46.6 million. An institutional investor snapped up the industrial asset for $137 per square foot.
CBRE Capital Markets brokered the sale of the 340,143-square-foot warehouse. CBRE Capital Markets professionals in Miami, Florida and Atlanta, Georgia teamed up to market the asset for sale and negotiate the transaction on behalf of the seller. Team members included vice chairmen Christian Lee, Charles Foschini, and Chris Riley and vice presidents Christopher Apone and Brian Budnick.
“It’s a good time in the market to move industrial properties,” Lee tells GlobeSt.com. “The capital markets are strong both from a debt and equity perspective. The rental markets are strong. Everyone feels very optimistic that the market is going to continue to get even better in Miami.”
Indeed, Miami is widely viewed as one of the top three investment markets in the nation on the industrial front. With current market conditions, the time is right for owners with stable rent rolls that are interested in selling to put industrial properties on the market and fetch strong prices.
For example, at the time of closing, the three buildings that make up International Corporate Park were 100% occupied by two credit-worthy tenants on long-term leases. These class A properties were delivered between 1999 to 2001 and possess the required functionality to retain and attract the target tenancy. The portfolio is also well located within one of the strongest industrial submarkets in Florida, Miami’s Airport/Doral submarket.
“The port expansion lends a helping hand to the story for Miami industrial, but the real story for Miami industrial is the airport,” Lee says. “MIA is one of the world’s leading airports in terms of the amount of international cargo traffic it handles. It is the primary driver for industrial in Miami and it is projected to grow by 20% in cargo handled over the next five years. If they hit those numbers it’s incredible.”
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