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MIAMI-Denver-based Dividend Capital bought the former Miami International Forwarders building at 1801 NW 42nd Ave. for $12.5 million or $62.19 per sf. The 201,000-sf MIF building is currently fully leased to Houston-based Eagle Global Logistics.

It was built in 1991 and sits a site of just over 10.7 acres. “This facility is the largest block of contiguous space near the Miami International Airport and is ideally designed for the high throughput activities of air cargo-intensive supply chains,” says John Vaught, regional partner of CB Richard Ellis’ global logistics group. Vaught and Scott Sime, managing director of the local CBRE office, represented the seller, identified as 1801 Building LLC.

Sime says there is strong investor interest in the industrial market in South Florida. This is confirmed in a report from the local office of Cushman & Wakefield, which says that more than one million sf of space in the Miami industrial market changed hands during the first quarter of this year, and the market also experienced “healthy leasing activity.” The reports puts the average warehouse/distribution rental rate in this market at between $5.69 per sf and $6.22 per sf.

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