MIAMI—Gramercy Property Trust, a publiclytraded REIT based in New York, just acquired a184,210-square-foot bulk storage distribution in Miami for $10.1million. NW 112 Street Properties, a private localinvestor, sold the industrial asset in asale-leaseback deal.

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Located at 3350-3450 Northwest 112th Street in the GratignyIndustrial Park, the seller is a document storage company known asInternational Data Depository (IDD). IDD will remain in thebuilding as a tenant.

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“This transaction is just another example of the tremendousdemand for well-located and functional industrial product in theMiami market,” says CBRE vice president DevinWhite, who represented the buyer in the deal. “GratignyIndustrial Park consistently outperforms the market due to itsfunctional buildings and strong tenant base and as a result, overthe years, ownership in the park has become moreinstitutional.”

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Built in 1973 and 1979 on a 6.31-acre site, theindustrial park features buildings with loadingfor up to 53-foot box trucks and rail service by CSX. Theindustrial asset also features 22- to-26-foot clear ceilingheights, and T-5 lighting with motion sensors throughout thewarehouse.

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“At closing, the vacancy rate in the Gratigny Industrial Parkwas less than 2% while vacancy throughout the Miami market was4.6%,” says CBRE associate Andrew Lehrer, who alsoworked on the deal on behalf of the buyer. “Because of the strongfundamentals of this submarket, Gramercy moved quickly whenpresented with this off-market opportunity.”

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Jason Fox, managing director and co-head ofGlobal Investments at W.P. Carey (WPC), a REITspecializing in corporate sale-leasebackfinancing, build-to-suit financing and the acquisition ofsingle-tenant net-lease properties, tellsGlobeSt.com sale-leasebacks can make sense for companies. WPCannounced record 2013 total investment volume at about $1.8billion.

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“For companies with real assets that are linked to theirlong-term business strategies a sale-leaseback can provide a sourceof long-term capital that allows them to redeploy the value of thatreal estate in their core business,” says Fox. “By selling acorporate facility to a long-term sale-leaseback investor a companycan retain operating control over the property while accessing theliquidity embedded in the asset.”

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