Institutional Property Advisors Brokers Miami-Dade Industrial Asset Sale
The asset traded for $21.5 million.
The asset traded for $21.5 million.
This partnership will allow Bridge and CPP Investments to target high-quality industrial properties in key markets, as retailers compete for faster shipping times despite increasingly limited space for new warehouse construction.
The 72,866-square-foot industrial property, strategically situated in South Florida’s thriving industrial market, presents a significant opportunity for Longpoint Partners to expand its portfolio in the region.
Cushman & Wakefield’s Miguel Alcivar, Stuart Gordon and Matthew Bittel along with Marcus & Millichap’s Derrick Dougherty represented the seller in the transaction.
The ten-year lease will commence upon completion of building construction and tenant improvements expected to be in June 2025.
The property consists of three 36-foot clear height rear-load industrial distribution buildings containing approximately 495,000 square feet on 23.4 acres.
The sale price comes to approximately $362 per square foot.
In this role, the two executive leaders will work closely with the Altman Logistics Properties leadership team to provide advisory services focused on organizational growth, corporate strategy and real estate technology and innovation in support of the company’s business development and growth.
The park encompasses four warehouses that are 65% leased to six tenants.
Both projects total a combined 832,000 square feet.
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