Corebridge Gets $32M Acquisition Financing For 200K-SF Miami Warehouse

CBRE facilitated $32.13 million in financing for the acquisition of Sunshine State Industrial, a 211,471-square-foot multi-tenant distribution warehouse in Miami.

Corebridge Real Estate Investors acquired the property from Longpoint Partners for $43.5 million.

Brian Linnihan, Mike Ryan, Richard Henry and Taylor Crowder with CBRE Capital Markets’ Debt & Structured Finance team in Atlanta secured the five-year floating-rate, maximum interest only loan with PCCP on behalf of the buyer. The property was 75% leased at the time of financing and sale.

“Given Miami’s land constraints, lenders are attracted to infill properties with advantageous lease terms. The facility’s strong fundamentals and the sponsor’s disciplined investment approach aligned well with PCCP’s value-add, debt financing strategy,” said Linnihan, a Vice Chairman with CBRE in Atlanta. “We’re happy to have secured competitive terms for the buyer to facilitate their growing portfolio of South Florida industrial facilities.”

Located at 1400 NW 159th Street, the cross-dock warehouse was built in 1969. Features include 24’ clear span heights, a 335’ building depth, 49 loading positions, 95’ to 150’ truck court depths, fluorescent and metal halide warehouse lighting, and LED exterior lighting. The facility sits on 11.2 acres and includes 151 car parking spaces.

The facility is situated within Sunshine State Industrial Park, an infill park boasting 93 properties with five million square feet of industrial space and an average occupancy of 96%. It provides immediate access to the Palmetto Expressway (SR 826) and the Golden Glades Interchange. It’s also within 17 miles of Miami and Fort Lauderdale International Airports, as well as Port Miami and Port Everglades.