MIAMI—Miami-Dade's industrial market continues to heat up with the sale of a Miami Gardens warehouse building at 16111 NW 13th Avenue in the Sunshine State Industrial Park. The seller, trustee Norman Shapiro, sold the 73,500-square-foot warehouse building on 3.76 acres sold for $3.6 million.
Miami Dade Printing Company, a national wholesale trade printer, acquired the industrial asset because it needed a larger warehouse building in Miami Gardens. Sunshine Kitchens, which ceased operations, was the prior occupant. CBRE represented both the buyer and the seller in the transaction.
The company is moving from a Miami Gardens facility it outgrew, which allows it to retain employees and customers. Miami Dade Printing plans to relocate to the new facility in October.
“This sale demonstrates the continued brisk activity throughout the Miami-Dade industrial marketplace,” says Michael Silver, first vice president of CBRE's Industrial Group. According to CBRE's Research, over 1.1 million square feet of industrial space was absorbed during the first quarter of 2013 in Miami.
The Sunshine State Industrial Park sits at the Golden Glades Interchange, a confluence of five major roads serving North and South Florida, including the Florida Turnpike and Interstate 95. The Sunshine State Industrial Park is centrally located between the Port of Miami and Port Everglades, as well as Miami International Airport and Fort Lauderdale Airport.
“The dwindling supply of well-located industrial buildings has caused sale prices and lease rates to climb over 10% from the same time period last year,” says Silver. “The property's large electrical capacity was ideal for the buyer. The property also had extra land which is a rarity for industrial properties in this market. The extra land will be utilized for parking with the ability to add approximately 20,000 square feet of additional building space in the future. All these amenities were beneficial to the buyer which allowed CBRE to negotiate a competitive price in the market.”
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