Bulk distribution facility in Gratigny Industrial Park sold for $10.1 million
Miami, FL – November 10, 2014 – (RealEstateRama) — CBRE arranged the sale of a 184,210-square-foot bulk storage distribution facility in Miami, FL to Gramercy Property Trust, a publicly traded REIT based out of New York. The asset at 3350-3450 NW 112th Street in the Gratigny Industrial Park was acquired for $10.1 million from NW 112 Street Properties, LLC, a private local operator. The Seller, a document storage company known as International Data Depository, will remain in the building as a tenant. CBRE represented the buyer in this transaction.
“This transaction is just another example of the tremendous demand for well-located and functional industrial product in the Miami market. Gratigny Industrial Park consistently outperforms the market due to its functional buildings and strong tenant base and as a result, over the years, ownership in the park has become more institutional,” said CBRE Vice President Devin White.
“At closing, the vacancy rate in the Gratigny Industrial Park was less than 2% while vacancy throughout the Miami market was 4.6%. Because of the strong fundamentals of this submarket, Gramercy moved quickly when presented with this off-market opportunity,” said CBRE Associate Andrew Lehrer.
Built in 1973 and 1979 on a 6.31-acre site, the property features plenty of loading for box trucks to 53’ foot trucks, rail service by CSX, 22- to-26-foot clear ceiling heights, and T-5 lighting with motion sensors throughout the warehouse.
CBRE Senior Vice President David Albert assisted Devin and Andrew in the transaction.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.