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MIAMI-A 156,871-square-foot industrial building at Flagler Center has been purchased by locally based Rigstar II Holding LLC from Chicago-based First Industrial Realty Trust Inc. for $11.9 million, or $76 per square foot. CB Richard Ellis represented the seller, while Parvani Commercial Group Inc. negotiated on behalf of the buyer.

The building at 10910 NW 92 Terrace has been open for the past two years but never occupied. The buyer offered all cash and a quick closing to acquire the asset at an attractive price.

“Current available industrial spaces, such as this property in particular, have seen sale prices and rental rates slashed,” says Michael Silver, first vice president with CBRE’s Miami office. “Despite current market conditions, this will be a high water mark price for this size building in this submarket.”

Silver adds that the Miami-Dade industrial market has been set back by the ongoing global recession, with local vacancy reaching a five-year high at 9.5% at midyear. Asking lease rates have also declined to $7.69 per square foot, according to CBRE research.

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