(Save the date: RealShare Industrial 2012 comes to The Bankers Club, Miami, December 5 - 6.)
MIAMI—Aventura Industrial Center sold for $18.7 million. Stockbridge snapped up the two-building industrial property from Principal Real Estate Advisors.
Located at 555 NE 185th Street and 320 NE 187th Street in Miami, Aventura Industrial Center spans 302,825 square feet. The industrial asset is 100% leased to two tenants in the duty-free food and beverage distribution business.
The industrial property is strategically located equidistant from Miami-Dade and Broward Counties’ main drivers of growth—Port of Miami and Miami International Airport, and Port Everglades and Ft. Lauderdale International Airport.
“Both tenants want to be equidistant to the ports because it’s critical to their business,” Christian Lee, a vice chairman with CBRE, tells GlobeSt.com. "This area is a small segment of the industrial market, but there’s a number of tenants that want to be near both ports.”
The Aventura Industrial Center is irreplaceable, and demonstrates just how hot South Florida’s industrial market is getting. Although Doral and Medley are prime industrial locations, this deal proves 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,” Lee says. “That can only help our economy and our industrial market.”
CBRE’s Miami Institutional Group members, Lee, Charles Foschini, and Jos
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