Larry Genet, Tom O’Loughlin and Christina Searles with CBRE represented both the buyer and seller in the transaction.
Year-over-year, the Miami industrial market experienced a 53 percent jump in rent.
The buyers intend to convert the property to art gallery and creative space.
An Ares Management Real Estate fund acquired the assets.
The industrial fund intends to identify and make investments over the next 24 months with various operating partners.
The commercial real estate transactions were all completed throughout the South Florida area in April and May by Vice President Frank Trelles, SIOR, Sales Associate Jason Gonzalez and Sales Associate Brandon Careaga.
The property features a newly renovated, 14,056-square-foot warehouse with 12 drive-in doors, situated on an oversized lot with substantial frontage on Okeechobee (Route 27).
Phase I of the highly successful logistics park totals 1.1 MSF and is fully leased; Phase II totals 1.6 MSF of Class-A industrial space and will be delivered in 3Q 2023.
E-commerce continues to spur demand for well located, fully-secured trailer/fleet parking lot assets across South Florida.
For the past 33 years, he has operated a successful brokerage and property management company.
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