213,000 SF Miami Airport West Industrial Facility Trades

Coldwell Banker Commercial (CBC) Alliance has brokered the sale of a 213,131-square-foot industrial facility located at 6950 NW 77th Court in Miami, Florida, for $15 million.
CBC Alliance Miami Managing Principal, Jim McCoy and Jeff Hartsook of Americas Industrial Realty Corporation, exclusively represented the seller, Leyjon Investments Corp, in the all-cash transaction. The Apollo Group, a Miami-based cruise ship food, catering and logistics company was the purchaser and was represented by broker Luis Nunez.
The 8.86-acre site has approximately 175,000 square feet of industrial space, 27,000 square feet of office and 10,000 square feet of retail. Current retail tenants include publicly-traded apparel company Perry Ellis, and Bijoux Terner, an international fashion accessory company.  Leyjon Investments Corp will also retain office and industrial space in the facility as well.
 

“The transaction’s $70 per square foot price point was a good price for both buyer and seller, and reflects the continued health of the Airport West industrial market,” McCoy said. “While institutional investors with tight parameters have aggressively combed through the region’s inventory over the last several years, private investors and end-users continue to find appealing transactions that fit their needs.”

The property’s size, along with its close proximity to the Miami International Airport, convenient access to major highways and high traffic count visibility to the Palmetto Expressway, ultimately made it an appealing purchase as a corporate headquarters.
 

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