MIAMI—Miami's Airport West Market is still white hot on the industrial front—and Prologis is making market moves there. Prologis just snapped up a 77,000-square-foot industrial building from Gold Coast Beverage Distributors for $4.733 million.  

Easton Group's Michael Waite and Jim Armstrong represented both parties in the transaction. The building is located at 7007 NW 30th Street in Miami.

“Considering that Gold Coast was settled in a new location, we figured they would entertain the idea of selling their building, so we approached them about it and they were interested,” Waite tells GlobeSt.com. “We then identified an institutional investor that owns several other industrial properties in the area to see if they were interested in buying and they were.”

Gold Coast moved its business operations to a new location about five years ago, but retained ownership of the building and leased it out to USA Tile & Marble. Waite and Armstrong also represented the tenant in that lease transaction.

“We got a little creative and it turned out to be a win-win for both parties,” Waite says. “The challenge in the Miami industrial market is locating the deals that make sense as the capital is eagerly waiting on the sidelines to be placed.”