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.

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.

“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.”