Bridge Point Gratigny will be a 409,000 SF+ logistics facility featuring in-demand tenant amenities, including 100+ secured, on-site trailer parking.
The building totals more than 180,000 square feet.
The 6.7-acre improved land parcel is adjacent to the intersection of the Palmetto Expressway and West Okeechobee Road.
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).