Miami

The purchase of the three-building property highlights the healthy appetite among institutional investors for South Florida industrial product.

The properties in the portfolio have an average vintage of 2004, boast low vacancy rates, and offer affordable options for renters in attractive Texas and Florida markets, Starwood Capital states.

The $5.5-million sale for the 4,350-square-foot freestanding property features a 15-year triple-net lease with options to extend. The property was acquired by an affiliate of Bayrock Investment Co. of Charlotte, NC.

The three-building Class A industrial property, located at 5801 and 6301 East 10th Ave., features a 978,164-square-foot distribution and light assembly warehouse (phase one) and two newly constructed state-of-the-art distribution buildings totaling 602,657 square feet (phase two).

The building features one-, two- and three-bedroom units range from 791 square feet to nearly 1,400 square feet with rents ranging from $1,115 to $1,698. The project is currently 93% occupied.

High levels of pollutants were found at the Melreese golf course where Beckham's Inter Miami is set to start playing in 2022.

Despite approximately 8,200 units in the pipeline in the Jacksonville area, including half in the highly sought-after Baymeadows and Southeast markets, the multifamily vacancy rate is expected to remain below 5% through 2019.

The Soleste Grand Central apartment tower will open in 2021 with 320 market-rate units and 40 affordably priced units.