MIAMI—This qualifies as one of the most noteworthy office transactions so far this year in Miami. Ryder Systems just acquired a 238,420-square-foot office building in western Miami-Dade County for $42 million.

The sale price equals $176 per square foot, a competitive price compared to recent office buildings that have traded in Miami’s Central Business District at more than $400 per square foot. The single-building sale is one of the largest to close in South Florida in several years. The local market has a limited supply of single-tenant office buildings over 200,000 square feet. The building will serve as Ryder’s new corporate headquarters.

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