The tenant leased the entirety of Building Two and half of Building One.
CBRE’s Larry Genet and Tom O’Loughlin represented the landlord in the deal.
The property consists of one recently developed rear-load 32-foot clear industrial distribution building containing approximately 221,000 square feet on 11.4 acres.
Bridge’s growing South Florida asset management portfolio currently spans 5 MSF+ of Class-A industrial space.
Berkadia arranged $14.1 million in acquisition financing on behalf of Foundry Commercial for the acquisition.
“Like any great deal, this one was 5 years in the making. It was an extreme lesson in perseverance,” commented Genet.
The 92,972-square-foot development site, which is located at 16 SE 2nd St in downtown Miami, is currently home to a parking lot.
CBRE Senior Vice President Larry Genet, Executive Vice President Tom O’Loughlin , Executive Vice President Jose Lobón, Vice Chairman Christian Lee and Senior Associate Jake Zebede represented Brookfield Asset Management in the purchase
The report further highlights need for more industrially designated land in the southern portion of Miami-Dade County in order to properly service residents in today’s e-commerce economy.
Colliers’ Mitash Kripalani, Director of Investment Services, represented the seller in the transaction.
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