MIAMI—America's Gateway, a 306, 924-square-foot industrial complex in Doral, FL, has traded hands. The sale price was $23.7 million.
CBRE's Capital Markets Institutional Group represented the seller. The buyer also retained by the buyer to handle property leasing and management.
“With an unmatched location such as this in Doral, at the nexus of Miami's transportation, infrastructure and logistics systems, industrial product will always garner significant investor interest,” says Christian Lee, vice chairman with CBRE's Capital Markets Institutional Group. “Tenant retention is high as is potential for substantial rent appreciation over the next 10 years.”
Built between 1978-1982, America's Gateway is located at the intersection of NW 25th Street and NW 87th Avenue. That's two miles from the cargo entrance of Miami International Airport. The rear-load, multi-tenant distribution buildings are all concrete block construction with 20-foot clear heights and 140- to 205-foot depths, with 6% to 29% office finishes. The property is 73% leased to 15 tenants.
The Miami-based CBRE team representing the seller included Lee, Chris Riley, vice chairman with CBRE's Atlanta Investment Properties Institutional Group; Brian Budnick, senior vice President with CBRE's Atlanta Investment Properties Group; and José Antonio Lobón, an associate with CBRE's Capital Markets Institutional Group.
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